It should be no surprise to any worker in this day and age that companies usually have a far greater hiring budget than the budget for retention and raises for existing workers. Hiring and filling positions is a priority, and there is little consideration of the fact that they fail to offer competitive rates and incentives to their workers to encourage them to stay, which is the reason why they need to hire so many new workers in the first place. It makes logical sense when you quickly lay it out, yet with the way budgeting is often drawn up, this glaringly obvious fact goes unaddressed and employers end up overpaying for workers who lack the institutional knowledge they’re losing with their veteran workers.
