Robert Half Survey Reports Retention Is Main Concern For 38% Of Surveyed Employers
Though employers report that locating top performing employees remains a challenge, retaining productive employees is proving to be an even a high priority for employers, according to a new Robert Half survey.
38% of chief financial officers (CFOs) interviewed said retaining valuable employees is their biggest staffing concern for the next twelve months. Other concerns:
- Maintaining staff productivity – 27%
- Recruiting new top performers – 13%
- Improving staff morale and engagement – 13%
- Don’t know/no answer – 9%
The national study, developed by Robert Half, was conducted by an independent research firm and is based on more than 2,100 telephone interviews with CFOs from a random sample of US companies with twenty or more employees in more than twenty of the largest US markets.
Paul McDonald, Robert Half senior executive director recommends that, “Employers pull out all the stops to retain their best and brightest, including ensuring compensation is competitive and top performers know there’s a career path available to them with the company.”
The Robert Half organization recommends five steps for retaining key employees:
1. Maintain an open-door policy. Employees should feel comfortable voicing ideas and concerns. Unhappiness with their managers is one reason many people leave their jobs. Building strong working relationships with your team should be a priority.
2. Promote from within. Your staff will grow discouraged if they feel advancement opportunities aren’t available. Meet with employees to review their career paths and discuss how they can move up in the organization.
3. Provide competitive compensation. While money isn’t everything, it’s important. Make sure employees’ salaries and benefits are at or slightly above the market rates.
4. Recognize outstanding work. Whether it’s a story in the company newsletter or a spot bonus, actions and achievements that warrant special acknowledgment should be rewarded promptly. The recognition doesn’t need to be expensive. Saying “thank you” and praising individuals in front of their peers are powerful motivators.
5. Offer professional development opportunities. Training programs help people expand their skills and boost productivity. You’ll also gain versatility in your team.
According to Mr. McDonald, companies are often inclined to rely on counteroffers to avoid losing key players. He advises hiring managers to instead focus on improving aspects of the work environment contributing to turnover.