Offering workplace benefits such as health and retirement programs and paid vacations is a well established way to attract and retain talented workers. But the structure of these offerings has been changing in the public and private sectors over the past 20 to 30 years for several reasons, including rising pension debts; a more mobile workforce; and a move towards simplified administration of benefits.
When long-term, experienced workers leave companies, they take their know-how with them. It’s called “brain drain” and it happens at organizations of all sizes and kinds, most notably companies with a large number of baby boomers getting ready to retire and industries that are restructuring. The newspaper industry comes to mind, as does manufacturing, as does the U.S. Postal Service.
For many Americans, Labor Day marks the end of summer and a day to grill hot dogs or enjoy the pool one last time before it closes for the season. Labor Day’s history is often overlooked. It was started to salute the social and economic achievement of American workers, and to pay tribute to the contributions workers have made to the strength and prosperity of the country.