Employee retention is always integral to company operations, but as employers struggle to find workers, employee retention has become more consequential than ever, especially among blue collar, trades-based, and hourly workforces.

There are a variety of reasons behind this "labor shortage," but it appears to be primarily driven by the extreme demand for workers. Labor force participation rates are at their pre-pandemic levels for most demographics, yet labor demand remains incredibly high.

As such, we have increasingly seen companies invest more money in retaining the employees they do have. If companies aren't in a position to easily find new talent— as is particularly the case in many traditionally "blue collar" industries like retail, construction, and warehousing that already face high turnover rates and costs — doubling down on retaining becomes more important. And in today's labor economy, that means investing in benefits, perks, and incentives that help employees' day-to-day lives, and were often only available in the most generous of industries.