Employee Retention is a Growing Concern as Northern Nevada’s Economy Improves
by Melissa Marsh, SPHR, SHRM-SCP
There is good news for Nevada business owners. The economy is improving. More jobs are coming available. Economic development is a major initiative in Northern Nevada. And, unemployment levels are dropping.
The unemployment rate throughout the state of Nevada was 6.7 percent for September 2015—unemployment has not been this low since July 2008! This is a seven-year low, and it’s trending about a point lower in Northern Nevada.
Meanwhile, the number of employers in the area continues to grow.
How Lower Unemployment and More Jobs Impact Local Employers
The combination of a lower unemployment rate and increased number of jobs means employers now need to focus on retaining employees. As opportunities abound, employees are enticed to leave. High turnover rates aren’t good for business. It is estimated that one employee turning over can cost a company close to $50,000 in the form of recruiting, training, and lost productivity costs.