Retain Top Talent in a Revitalized Job Market
By Lee Hecht Harrison on December 15, 2014
The latest Bureau of Labor Statistics jobs report exceeded expectations with employers adding 323,000 new jobs in November, making 2014 the strongest year for job growth since 1999. The jobs created went well beyond seasonal retail positions with marked growth in professional and business services, healthcare and manufacturing. It appears that organizations are finally demonstrating confidence in the recovery by boosting hiring.
In addition, the BLS Job Openings and Labor Turnover Summary reported that the number of people voluntarily quitting their jobs in September reached its highest level since 2008, with more than 2.8 million people quitting their jobs. As the economy takes off, so may employees. Is it time to refocus efforts on retention and engagement?
Don’t let your employees feel underappreciated or taken for granted. The best organizations recognize and reward employees at all levels and in real time with incentives that go beyond year-end cash awards. These incentives should take into account the personal interests, needs and goals of the individual. Here are four easy practices you can put into place right away:
- Personalize gift cards. Gift cards are always a great reward, but selecting gift certificates based on the employee’s interests shows an extra level of appreciation and acknowledgement. The possibilities are endless, but the key is knowing what the employee would like.
- Offer personal services. Arrange for a concierge-style service to be performed: have the employee’s car detailed while he or she is at work; arrange to have his or her home cleaned; hire a landscaping pro to plant flowers in the spring.
- Provide opportunity for growth. Offer an employee the opportunity to learn more about another area of the organization and then give them a day or two to shadow someone in that function or role.
- Recognize and reward. Publically recognize a team member at the beginning of a staff meeting, in the company newsletter, through social media channels, on the company intranet or bulletin boards, and/or in presentations.
If employees don’t feel valued by their manager or employer, they’re likely to move on. The creative use of recognition can create a culture of trust and goodwill that may be just what you need to retain your top talent.
For more information on employee compensation and workforce trends download our free 2015 Salary Guide.
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