Hiring and fast turnover are on the rise in offices around the world, including in the U.S., and experts say employers need to look at what it is their employees value most if they want to retain their current talent.
With talent mobility on the rise, employers need to understand what employees value if they are to succeed in attracting and retaining employees, says Laura Sejen, managing director at Towers Watson. While employers recognize the importance of pay and career advancement as key reasons employees choose to join and stay with a company, they dont place the same importance on another top attraction and retention driver job security. Or a key retention driver, trust and confidence in senior leadership.
According to results from the survey, released Aug. 29, of the 1,637 companies surveyed globally, nearly two-thirds say they are having difficulty attracting top performers (65%) and high-potential employees (64%), an increase from two years ago. Additionally, more than half of employers surveyed say it is hard to hold on to high-potential employees (56%) and top performers (54%).
What can employers do, then, to help retain their top talent? A second survey suggests employers can be a bit out of touch when it comes to judging the importance of other factors employees hold dear, such as perceived job security and confidence in senior management.
In the separate study, Towers Watson surveyed 32,000 employees worldwide, and found that employees rank job security and confidence in senior leadership among the most important reasons they stay with a company. But employers didnt rank either factor as a key attraction or retention driver.
Additionally, a managers effectiveness can take a big hit on employee satisfaction. According to the study, while a majority (70%) find their managers to be respectful, just barely half (54%) find their managers helpful in removing obstacles or being able to differentiate between high and low performers.
The importance of leadership cant be overstated, Sejen adds. Employees are more likely to remain at their companies if they have trust and confidence in their senior management and leaders. And, importantly, senior leaders, managers and supervisors each play a critical role in fully engaging employees.
Register or login for access to this item and much more
All Employee Benefit News becomes archived within a week of it being published
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access