Don’t put off worker retention plans
The threat of a mass employee exodus isn’t new, but statistics show that event is coming closer. MRINetwork reports that job openings that are the result of someone resigning are up 7 percent from July 2011. And a LifeInc. article notes that the Bureau of Labor Statistics reports that the number of workers quitting jobs is rising.
There are a few reasons for the increase in voluntary resignations. Although not all economic indicators are positive, the lower unemployment rate, a positive hiring forecast for 2012, and a longing for greener pastures are tempting workers to look for new jobs.
So what’s an employer to do? Retention, retention, retention. Identify your top performers and make sure you take care of them first. I recently read some practical advice from John Sullivan on ERE.net. Here are a few of his suggestions:
• Equip managers with retention tools. Develop a kit that allows supervisors to pick various strategies based on what motivates each employee.
• Identify competitive threats. Get a pulse on competitors that may lure away your top performers. Are there ways you can limit those organizations’ access to your employees?
• Recognize simple fixes. Review compensation plans, potential promotion opportunities and equipment requests. Simply recognizing a star performer with a long overdue pay raise, a new opportunity, or the right tool to get the job done may dampen an employee’s temptation to look elsewhere.
The current employment market raises concerns, but with some creative retention strategies, you can solidify the loyalty of your top people.