Hiring in 2011 is expected to increase—particularly in the U.S.—and companies are going to be facing the issue of how to retain their key talent, an issue that companies haven’t had to face in a few years, according to experts at Towers Watson.

Fewer than half of employees (48%) surveyed in late 2010 say that their employers do a good job retaining top talent. In addition, employees’ intentions to leave their current organization are on the rise, climbing back to pre-recession levels.

“Retention could become a real challenge this year for many companies, since it appears that more employees are willing to consider jumping ship,” said Max Caldwell, a managing director with Towers Watson. “Smart managers would do well to pay extra attention to their talent, especially top performers and those with hot skills, and make sure they feel so appreciated and engaged that they won’t be tempted by ‘greener grass’ on the other side.”

Drawing on research into the current drivers of retention, Towers Watson offers up five ways to help managers retain their workforce and keep them focused.

  1. Help employees chart their careers. According to Towers Watson, 78% of employees who plan to remain with their employer believe their employer offers long-term career opportunities for them. Only 26% of those employees who plan to leave feel this way. Three-fourths of those who plan to stay say they have a reasonably good idea of their career paths at their employer, while just 37% of those who plan to leave feel the same.
  2. Recognize good performers. While eight in 10 workers who plan to remain with their employer believe their job performance is evaluated fairly, only 44% of those planning to leave think that’s the case. Sixty percent of workers who are staying with their employer are satisfied with how they are recognized versus only 20% of those who are planning to leave.
  3. Communicate more. Two-thirds of workers who plan to remain with their employer say management does a good job of communicating with people, compared to less than one-third of those planning to leave.
  4. Help employees balance work and life. More than two-thirds of workers who plan to stay with their employer feel management generally understands the problems they face in their jobs, and that the company culture supports their need to balance work and life, but only one out of three workers who are planning to leave has a similar feelings.
  5. Survey the workforce. Seventy-five percent of employees who plan to stay with their current employer feel sufficient effort is made to obtain the opinions of employees, while just 40% of those planning to leave think this. Obtaining employees feedback on an ongoing basis is especially critical for retaining top talent, who as a group are often very critical of the organization’s leadership and desire greater involvement in driving the business forward.

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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