HR: Retaining Your Valued Employees
Good news- the number of employees that resigned from their jobs in the past 3 months was greater than the number laid off. After 15 straight months in which layoffs exceeded voluntary departures, this is definitely a sign of better economic times.
As the economy rebounds and job opportunities increases employees who were once focused on solely keeping their jobs are beginning to explore their options. During the recession, employees were hesitant to resign from their positions not only because jobs were scarce, but also because some feared accepting a new position would leave them vulnerable to a layoff.
With the economy strengthening and employees more confident to make a job move, companies are looking for answers on how to retain and engage their employees? In a recent survey, 65% of employers responded that they are considering using compensation incentives to limit “employee flight”- merit increases, performance based bonuses, market/equity adjustments and lump sum payments. Other businesses are considering benefit increases.(46%)
As the competition begins to intensify for qualified talent, it’s important for employers to take a comprehensive look at employee incentives and benefits. Other retention strategies to consider include:
- Flexible work schedules
- Tuition reimbursement
- Competitive vacation and holiday benefits
- Employee morale programs- parties/events/non cash awards
- Career development programs
- Opportunities for growth
- Implementing greater employee/management communications
Companies that recognize the importance of retaining valued employees understand that it is critical to the long term health and success of their business.