Millennials are officially the largest generation in the labor force, and the percentage of employees aged 65 and older is growing, too. Yet the United States workforce continues to evolve.
In the video above, Fortune asks the leaders of five innovative companies how they are adapting to the changing demographics of working Americans.
Sara Menker, founder and CEO of Gro Intelligence; Chris Britt, cofounder and CEO of Chime; Bob Swan, CEO of Intel; Sasan Goodarzi, CEO of Intuit; and Elli Kaplan, cofounder and CEO of Neurotrack, agree that the competition to hire and retain the best employees is increasing.
“I think there’s a much greater focus on retention than there ever has been,” Kaplan said. “CEOs really need to be thinking about: How do I build a company that has the type of culture that is not just about maximizing the growth, but is really creating a place where people can grow personally and professionally?”
The widespread emphasis on retention results from the fact that voluntary employee turnover is on the rise. The Work Institute recently found that more than 27 out of every 100 employees in the United States quit their jobs to work somewhere else in 2018, up 88% since 2010.
Menker constantly modifies her recruiting efforts to fit what is going to be the most beneficial for her current employees and the most enticing to her potential future employees.
“I think CEOs have to change because they have to understand that their number-one priority is people,” she said. “If you’re committed to attracting the best talent, then you are essentially forced to change with the times.”
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