You’ve heard the shocking statistics: From April through September of 2021, a record 24 million Americans left their jobs, fueling the so-called great resignation and creating unprecedented chaos for employers. According to a PricewaterhouseCoopers survey from August 2021, 88% of companies are experiencing higher turnover than normal.
This tidal wave of resignations and a tight labor market have forced many employers to throw money at the problem to boost retention and strengthen recruiting. From Target and Walmart to JPMorgan and Goldman Sachs, companies are raising wages, while others, including Amazon, Kohl’s and McDonald’s are offering signing bonuses. Campbell’s, Microsoft and Starbucks are rolling out generous new benefits and perks that include pet insurance, paid parental leave, free childcare, student loan repayment and free college.
