While keeping top-performing employees should be a key business goal in any economy, some firms may feel that today’s high unemployment rate will protect them from serious turnover issues. This mind-set could be short-sighted, however.
Just as businesses look for new opportunities when conditions improve, so do employees. Forty percent of workers surveyed for Workplace Redefined: Shifting Generational Attitudes During Economic Change, a recent report from Robert Half, said their experiences during the downturn have made them more inclined to look for new opportunities outside of their current firms.
You simply can’t afford to lose your best people, especially now. Losing top talent could leave your firm unprepared to take advantage of new business opportunities as the economy recovers. You need to take steps to ensure your retention efforts are still on target.
Compensation is the first place you should look. If your salaries and benefits are not in line with your competitors, your best people may seek greener pastures. Respondents to the Workplace Redefined employee survey rated salary and benefits highest among factors they consider when evaluating an employment offer.
But clearly it’s not all about money. Here are some tips to help you enhance your retention efforts and keep your best performers on board.
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Employee Retention Vital To Success Even In Today's Economy | Hartford Business