The workforce has shifted tremendously in the last three years. The pandemic changed the global labor market and economy significantly, and with that has come push back from hourly employees. Turnover rates among hourly employees have continued to increase, and many company leaders are scratching their heads to pinpoint the cause. 

Turnover rates are usually caused by external factors like better pay and benefits, easier commutes, or pursuit of a new career. But many hourly employees are seeking employment elsewhere because there has been a shift in perspective when it comes to the “essential worker.”

“Essential worker” is a fairly new term that was used often throughout the COVID-19 pandemic to describe workers that were crucial to helping our society function during the “trying times.” The most common essential workers were healthcare workers, teachers, grocery workers, and food service workers; all of which are typically paid an hourly wage. 

As disheartening as the pandemic was for the world, it showed how undervalued hourly employees have been all this time. The most “essential workers” in our society were being paid the lowest wages, had poor benefits, and difficult working conditions. As new light was shed onto this issue, many hourly employees came to see their worth and sought employment elsewhere. Three years later that still seems to be the trend. Businesses are competing left and right to keep their hourly employees, as many are jumping ship after just a few months on staff.

Companies not only have to match their competitor’s wages that continue to rise due to inflation, but also benefit packages, and flexible work schedules. Another important aspect of keeping turnover rates down is creating a positive work environment where employees feel seen and valued, and offering incentives such as raises and promotions often. It is also crucial that employers invest in employee training and development, promote a healthy organizational culture, and engage with their employees. 

These are steps that companies with high turnover rates can take in order to keep hourly employees with valuable knowledge and skills on their team. Another way to get a leg up on the competition is to get a comprehensive snapshot of the labor market or individual jobs with the highest turnover rates in your field with WageScape. You can filter the entire dataset to suit your needs with easy-to-use selection dropdowns allowing you to quickly see data that is relevant to your business. Select specific job titles, job families or locations to get a quick comprehensive view of the emerging market pay trends and hiring organizations. 

These tips are sure to help keep turnover rates down. For more information on WageScape, learn more here.