Just 4 years ago, there were 750,000 skilled labor jobs that we could not fill in the U.S. Today, that gap continues to expand as skilled labor Baby Boomers retire in large numbers. Just like the sellers in the housing market, employees who possess technical skills are at a distinct advantage. The employee is actively shopping for a position at or above market because of demand. It is no longer a hiring market where the employer can set the salary "price" and have a slew of qualified applicants lined up out the door. It is even harder to retain the current employee base if your organization is not able to maintain a competitive salary market rate or create an environment where people want to stay. At Manufacturer's Edge, we have seen clients experience employee turnover rates as high at 42%. That means that they are losing 42% of their workforce every year. There is a war on talent and the best "package" just might make the difference between winning and losing.

The key to retaining employees is no longer exclusively salary based, however. Employee attraction and retention is also driven by keeping employees engaged in their jobs, having a strong and clear mission or strategy that the employees stand behind, offering ongoing training for developing new skills, giving frequent feedback on performance, setting specific short-term goals and future growth opportunities, and having a positive company culture. It is a lot to think about when, as a society, we are accustomed to an "if you build it they will come" mentality. Simply posting a position no longer guarantees that position will be filled. So, what can employers do?

The good news is that Manufacturer's Edge can help! (...)