What: Companies are improving workplace culture, opportunities and benefits to retain their employees in a tight labour market.

Why it is important: Companies are adjusting their employee retention strategies to combat the increasing trend of departures for new jobs, new industries, early retirement or self-employment.

According to McKinsey, the voluntary quit rate in the United States is 25% higher than pre-pandemic levels. Despite an impending recession, openings are not likely to return to normal levels. Companies are betting on improving corporate culture to curb employee departure. For example, companies are increasing their PTO, bonus values and remote work opportunities. In response to inflation, some companies are planning to offer financial planning education and increased wages for the expected rise in cost-of-living. Other companies are looking to improve health and wellness benefits.

71% of i4cp survey respondents said that their companies are putting more emphasis on corporate culture from a values perspective. This means an emphasis on a clear mission and purpose as well as showing greater commitment to diversity, inclusion and environmental actions.

Shifting corporate culture combats the great resignation