Survey Says: Make Sure Your Employee Retention Efforts Are Effective!
Do you know the biggest reason why key talent leaves?
(SPOILER ALERT: It’s probably the very first thing that popped into your mind.)
Yep. More money.
That’s according to over 500 rewards professionals surveyed by WorldatWork.org for a recent published report, Retention of Key Talent and the Role of Rewards. Other factors included lack of promotional opportunities, feelings that the pay was better elsewhere and dissatisfaction with the job. The researchers also found that 65% of organizations surveyed said retaining key talent has become a major concern. Their report concluded that:
First, rewards professionals are concerned about their organization’s ability to retain key employees. More than 50% believe that key talent retention will be challenging in the future. Second, there is considerable variation in how organizations define key talent and how far down into the organization they actively manage this group. However, we found that organizations that identify, define and manage key talent deeper into the organization are more confident that they will be able to retain these individuals. Additionally, key employees quit for a variety of reasons, but they are more likely to leave for rewards-related reasons than other work-related issues. Finally, although most organizations used many different methods for retaining key talent, the effectiveness of these methods varies substantially. We also found that the organizations that used a broader toolkit of retention methods believed they were in less danger of having key talent quit.
So, what can your company do?
For starters, have a clear, accurate picture of whom your employees are and what they want. Rewards are important, but they aren’t everything. You need to know what satisfies your talent on both intrinsic and extrinsic levels. You also need a clear and accurate picture of what your company is capable of delivering too.
“Our approach to employee retention is to help companies find what will work for them, while staying in touch with the needs and interests of their employees,” says Kelly Coblentz, PHR, hireVision’s Director of HR Services. “From our experience with clients, each company is unique and should develop a customized retention strategy. If a particular small or midsized company is restricted by pay or benefits because of their size, we work together to determine alternate reward-related retention strategies that are still meaningful to employees.”
Interested in finding out more about how hireVision can help you with employee retention support, or about any of our HR Partnering Services? Contact us today for a practical discussion about your human resources needs.