Retaining Employees in 2014

Surveys suggest that employees are more optimistic about being able to find a job in 2014 and human resources professionals should be making the necessary arrangements to retain talent. Getting a raise and looking for a new job are on employees’ list of priorities in early 2014, so it is going to be increasingly important to ensure that talent isn’t being pushed away.

A recent survey found that 57 percent of working Americans are planning to find another position this year, while 66 percent are confident in their abilities to land a new job this year. The top reasons for the change include: a higher salary (48 percent), upward mobility (27 percent) and boredom/job distaste (9 percent). Although, not a huge factor in looking for a new job, respondents did say they are willing to take a pay cut if they were able to move into a position they would be happier in.

Human Resource Executive Online reported:

A recent Employment Confidence Survey conducted by Sausalito, Calif.-based Glassdoor finds that approximately one in three employees (32 percent) say obtaining a pay raise will be among their top work-related resolutions for this year, along with looking for a new job (22 percent) and developing leadership skills (20 percent). Survey respondents also indicated they’re more likely to take it easy this year: One in five (20 percent) plan to take or use all the vacation days they have earned, up 7 percentage points from last year’s survey, according to Glassdoor.

“If economic and business news continues to show signs of furthering stability, we will undoubtedly begin to see greater employee confidence, which will in turn catalyze more movement within the employment pool,” says Rusty Rueff, Glassdoor’s career and workplace consultant.

Facing this challenge of engagement and retention, companies must work on developing a company culture that will encourage current employees to want to stay and grow with them over time. Currently, job-hopping is becoming more and more common with people staying less than a year in their roles. However, there are five things that today’s human resources executives can do to maximize employee engagement and retention this year. They include designing jobs with more growth potential, closely monitoring job satisfaction, maximizing “employee embeddedness,” managing early interactions and developing great leaders, says Nancy Martini, CEO of PI Worldwide, a Boston-based employee-assessment firm. Martini defines employee embeddedness:

“It’s whether a person feels like their talents are actually being tapped on a regular basis or whether they’re just showing up and trying to make it through the day,” she says. It also refers to the “richness of the personal relationships between employees and their manager and with their coworkers.”

Surveys and workforce analytics are one tactic that can be used to help manage and monitor this information and assist HR departments in pinpointing common problems allowing them to take action sooner, whether that includes coaching management or internally transferring an employee to a role that is a better fit for their skill set.

“Everyone likes coaching and feedback but they hate performance reviews,” says Leerom Segal, co-founder and CEO of Toronto-based digital-marketing company Klick Health and author of the new book The Decoded Company: Know Your Talent Better Than You Know Your Customers. “And the vast majority of companies think their performance-review processes suck. So we’ve developed this notion of the weekly review — it takes 20 minutes at most and it’s informed by data.”

This important topic of employee retention and development is clearly on the minds of executives everywhere, according to the Conference Board’s CEO Challenge 2014 report, based on a survey of the CEOs, presidents and chairmen of 1,000 companies around the world.

“Though particular strategies vary from region to region, business leaders worldwide are working to optimize their greatest resource — their employees and those who will lead them,” says Rebecca Ray, senior vice president for human capital at the Conference Board and a co-author of the report. “Building a culture that supports engagement, employee training, leadership development and high performance is something companies can control, and can mean the difference between growing market share and simply surviving in 2014.”

from Jason Hanold http://ift.tt/1ouOWUZ
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