FINALLY, the U.S. economy is showing some bright spots of recovery. Last month, there were 379,000 jobs added, more than economists expected. Some of the best news is that the leisure and hospitality industries that have suffered the most added the most jobs in February, with 355,000 positions added back after some states began relaxing COVID-19 safety requirements.
Amtec Tip of the Month
Understanding how employees think about making a move is important when planning how to make your employees want to stay. Based on an Indeed survey, here’s a synopsis of suggested strategies for increasing employee retention:
Offer competitive salaries and benefits: Stay on top of your industry’s current wages and benefits to hang onto your best employees. Offering competitive compensation will also attract top candidates for newly opened positions.
Develop programs focused on skill-building: Set up structured, achievable career advancement pathways. Provide programs and mentoring opportunities to help employees develop the skills they’ll need to move vertically within your company.
Cultivate a supportive corporate culture:Starting at the top, incorporate changes to create a supportive, inclusive company culture. To be effective, these changes must be incorporated into the company’s hiring and personnel management programs.
Recognize achievement:Employees want their achievements to be tangibly rewarded, whether it’s by compensation or promotions. But there are other ways to recognize accomplishments (read Rewards and Recognitions for more ideas).
The unemployment rate fell 0.4% to 6.3% and 49,000 jobs were added in January. And although the number unemployed people dropped from 10.7 million to 10.1 million it’s still about 5.7 million higher than pre-pandemic levels in February 2020.
2021 is here and as you know, we’re not out of the woods yet. 140,000 jobs were lost in December due to the increase in COVID-19 cases and the efforts to contain it. And at 10.7 million the number of unemployed people is still about 4.9 million higher than its February 2020 level.