The number of employees for a certain company has been decreasing each year by \( 2 \% \). If the company currently has 820 employees and this rate continues, find the number of employees in 8 years. The number of employees in 8 years will be approximately (Round to the nearest whole number as needed.)

To find the number of employees in 8 years, we can use the formula for exponential decay: \[ N(t) = N_0 \times (1 - r)^t \] where \( N_0 \) is the current number of employees (820), \( r \) is the decay rate (0.02 for 2%), and \( t \) is the number of years (8). Plugging in the numbers: \[ N(8) = 820 \times (1 - 0.02)^8 = 820 \times (0.98)^8 \approx 820 \times 0.8509 \approx 698.73 \] Rounding to the nearest whole number, the number of employees in 8 years will be approximately **699**. Did you know that companies often use employee retention strategies to counteract such declines? Offering career development and fostering a positive workplace culture can significantly help maintain employee numbers. Companies may also opt for flexible working arrangements to appeal to a wider talent pool. To avoid miscalculating projections like this, be cautious about confusing percentage decreases with the remaining percentage. A 2% decrease means you multiply by 98% (not simply subtracting 2 from the total). Always double-check your calculations to make sure you're using the correct figures!