New approaches to employee retention- Part 1
As the economic malaise permeated businesses, downsizing, benefit trimming and pay freezes became the norm. But now as glimmers of recovery offer hope, employers are beginning to recognize the impact on employee performance, turnover and engagement.
A recent survey of 1,419 executives worldwide, “Risk Management in a Time of Global Uncertainty” by Harvard Business Review Analytic Services and Zurich Financial Services Ltd., ranked the top 10 risks that have risen most over the past three years. Strikingly, risk related to talent retention and acquisition ranks highest among operational matters and third overall following only natural disasters and continued slow economic recovery.
There is good reason for concern. MetLife’s much-discussed 9th Annual Study of Employee Benefits Trends reported employee loyalty on the decline. The study found employers of all sizes had shown productivity gains, but more than one third of workers (36%) were itching to move. More recently, Careerbuilder’s 2012 U.S. Job Forecast found that 43% of human resource managers were concerned that top talent could leave in 2012. About one-third of human resource managers polled said that voluntary turnover at their organizations rose in 2011, with employees citing compensation and feeling overworked as the top two reasons for quitting.
The recently released SHRM 2011 Employee Job Satisfaction Survey Report, which also addresses employee engagement for the first time, provides valuable insights for employers. While there have been slight declines in employee satisfaction, more than three-quarters of U.S. employees are satisfied with their jobs. However, less than one-half of them are happy with opportunities for career development and advancement, which increases the potential for turnover as the economy begins to recover.
Understandably job security has topped the list of job satisfaction factors for the past several years and the fear of job lost still dominates. While 63% say job security is very important to them, only 28% of respondents were very satisfied with their job security and women felt less satisfied with job security than men…
The article will be continued tomorrow- Aril 25, 2012 here at Risk Management 24-7.
The Seltzer Group, located in Eastern Pennsylvania, specializes in developing safety, workers compensation, human resources, claims, and risk financing programs. They are a proud member of the Keystone Insurers Group and are nationally recognized for their expertise in workers compensation solutions. The Seltzer Group serves businesses and individuals locally, regionally, and on the national level.