Retention?
Unemployment is over 10%. Why think about retention? Here’s why – several recent polls show a simmering dissatisfaction in the workplace. According to a recent Harris interactive / Adecco poll upwards of 54% are planning to change jobs when the economy improves. The Robert Half / CareerBuilder poll pegs the number at 45%. Execunet reports that of 1600 executives surveyed, 90% are willing to take a headhunter’s calls. Even the best organizations experience some turnover. Are you prepared to lose a key contributor?
Most of our clients are running very lean. They tell us that their people are stretched thin. There isn’t much overlap in key roles and there isn’t much bench strength to draw from. Here are three things you can do now:
- Identify key contributors and top talent across all levels of your organization. You’ll want to focus your retention efforts on this group.
- Assess their current level of engagement. Are they in sync with the mission and vision of your company? Discuss future opportunities and career pathing over the short and long term, and pair them with a mentor or mentee if feasible. While most companies have been holding the line on salary increases, it makes sense to benchmark your compensation against your industry and bring your key contributors to parity or above. After all, that’s what you’ll have to pay their replacements.
- Evaluate and define key roles. Chances are things have changed significantly since the original job descriptions were written. Focus on current accountabilities as well as the personal characteristics and soft skills that best fit your company culture. Your current employees will appreciate having their roles defined and contributions recognized, and you’ll be prepared with current job descriptions should the need arise.
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