The declining retention rate worldwide has resulted in substantial economic losses, both in terms of skilled labor shortage and the cost of training replacements. Retention rates have become even more challenging as many employees have re-evaluated their career goal and priorities in light of the pandemic, such as flexibility, work-life balance and employee well-being. Many employees experienced burnout or felt disconnected from their colleagues while working remotely.

The article discusses strategies to improve employee retention rates, which have become a critical concern for many HR leaders.