Top 16 employee retention challenges of the modern workforce
Employee retention is a major challenge for businesses of all sizes in today’s fluid job market. On average, businesses spend about 50% of their employees’ annual salary just to find a replacement for them. Additionally, according to SHRM the average time to fill a position in 2024 is around 44 days across all industries. High turnover rates cost companies significant time and money. Moreover, they disrupt productivity, damage morale, and hinder long-term growth.