PITTSBURGH, Jan. 14, 2020 /PRNewswire-PRWeb/ — In November of 2019, according to the U.S. Bureau of Labor Statistics, the unemployment rate in the U.S. reached 3.5%, an 18-year low(1), while the number of job openings in the country rose to 7.267 million.(2) Meanwhile, a new report from ADP Research Institute show that employee turnover is averaging 60% annually in the U.S., with even higher rates in certain industries.(3) “In today’s competitive market, employers need to pay close attention to their employee retention rates” says Cowden Associates CEO Elliot Dinkin, a nationally known expert in actuarial, compensation, and employee benefits issues. “A high turnover and job vacancy rate can negatively impact a company’s ability to improve revenue and margins, smoothly adapt to technological change, and remain competitive in its market.”
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