Taking too long to hire the right person for a vacant position is almost guaranteed to cause frustration for all parties involved. The best job candidates won’t hang around for an impossibly long vetting process, and may accept a position elsewhere before you get the chance to offer them a job. Meanwhile, employees at your company will have taken on additional tasks to keep things running smoothly, leaving them susceptible to burnout. Every day the position remains unfilled, the company misses out on full productivity.
A lot of trends between generations in the workforce have emerged in the past few years: Baby Boomers are returning to the workforce for encore careers while millennials continue to place emphasis on their commitment to values above salary. Gen Z will have higher salary expectations than millennials and Gen X due to the difference in economies they grew up in. Despite all the differences in every generation, there’s one thing they all have in common: they will (one day) retire... and they’ll need some money put away when they do.
But Research from Northwestern Mutual revealed that one in five Americans has no retirement savings at all, and 46% (nearly half) have not taken any steps to prepare for the likelihood that they could outlive their savings. Of the Baby Boomer generation, one in three has between $0-$25,000 in retirement savings.
This is a big issue.