We all got an earful about the “Great Resignation” in 2021, as Americans left their jobs in growing numbers. This past week, the Labor Department reported that the U.S. set a new quitting record in November. According to a PwC study last year, a full 65% of employees were in search of a new job. That’s great for employees who may feel newly empowered to start an entrepreneurial venture or use the tight job market to negotiate a raise or promotion. But what if you’re the boss?
For obvious reasons, it’s problematic when your employees start leaving, or hinting or threatening that they might. Staff turnover is pricey—it costs an estimated one-half to two times an employee’s annual salary to replace her. Plus, it’s disruptive to client relationships and the morale of staffers left behind.