1、This whitepaper takes a deeper dive into employment characteristics impacting retention as studied in Payscales Retention Report and provides recommendations to executives,HR leaders,and compensation professionals on how to improve in each of these areas to increase retention with an emphasis on fai

2、r and transparent pay practices.Strategies to improve employee retention in the age of pay transparency Bright futureCompany cultureManager relationshipFair payPay transparencyContentsWhy retention matters in todays labor marketFactors that drive employees to seek a new jobActionable insights for em

3、ployersBright futureCompany cultureManager relationshipFair payPay transparencyPay transparency solution from PayscaleWhat it isWhat you getAdditional offeringsGet startedAbout Payscale3461668101214161617181823LayoffsHiresJob openingsQuits rateUnemployment rate0%3%6%9%12%15%Jan-19Apr-19Jul-19Oct-19J

4、an-20Apr-20Jul-20Oct-20Jan-21Apr-21Jul-21Jan-22Jan-23Apr-23Apr-22Jul-22Oct-22Oct-21Why retention matters in todays labor market In 2023,were seeing a spike in layoffs and predictions of a recession on the horizon due to high inflation and climbing interest rates.A poll by the World Economic Forum in

5、 January found that nearly two thirds of economists believe there will be a recession in 2023.However,inflation is dropping and unemployment remains low at 3.4 percent in April for the United States and 6.5 percent for Europe as of April 2023 which makes this one of the most competitive labor market

6、s weve seen in decades.An upcoming recession may be unlike previous recessions and may require a unique approach to talent management.During a typical recession,organizations worry less about retention because employees are less likely to job hop in an economy that is shrinking rather than growing.H