With the Great Resignation far in the rearview mirror, companies now are facing another challenge: what to do when employees stay.
The U.S. quit rate — often used as a measure of turnover — has remained steadily at 2.2% for the past seven months, according to the Bureau of Labor Statistics’ Job Openings and Labor Turnover Summary released July 2.
The lull in employee exits is the perfect time for employers to work on succession planning and enhancing their value proposition, according to Lauren Geer, senior vice president and chief human resources officer of IAC, a holding company to media and internet brands including Dotdash Meredith, Care.com and Angi.
“It's quieter now, but I don't think we can rest on our laurels by any means or pat ourselves on the back for what a great job we're doing retaining our employees,” Geer said. “Now's the time to get the house in order, because I do think there'll be a time when the employee market picks up.”
Geer recommended employers take stock of who they employ and make plans for potential exits, so they’re not scrambling later. But, at the same time, she stressed the importance of using the time to create a workplace where employees want to stay.
“Taking the time to think about some of the things that we offer is really high on my list,” Geer said. “Right now, we're spending a lot of time on employee benefits. Areas that are really important to me are mental health and helping people save for their retirement.”
Geer said she wants employees to know that the company cares by creating an environment where they have what they need to learn and grow.
“I believe that when you’re learning and growing, you stay where you are,” Geer said.
