According to a recent survey, 68% of employers have taken steps during the past year to retain some of their best executives, managers, future leaders, and those who work on the front lines. Turnovers have increased and employers are bracing for more in the coming year.
The survey by OI Partners-Innovative Career Consulting, a global coaching and leadership development and consulting firm in Denver, also showed that:
* 90% of employers are concerned about losing high-potential employees;
* 72% are worried about front-line workers (sales and service employees) departing;
* 60% are apprehensive about middle managers leaving; and
* 45% are uneasy about senior-level executives exiting.
“Most employers have initiated measures to hang on to their best talent. They realize if retention is a problem with a high unemployment rate, it will only get worse once more jobs become available if they don’t do something to entice employees to remain,” said Shawna Williams, Managing Partner of OI Partners-Innovative Career Consulting.
“Companies are most concerned about losing employees who they have designated as their future leaders and those who directly work with customers. Job opportunities have already increased elsewhere for these levels of workers and competition for the best ones (as well as for those who manage them) will become more fierce,” Williams added.
The most difficult types of workers to retain are: operations and production (chosen by 30%), sales and marketing (27%), customer service (24%), accounting and finance (22%) and information services (20%).
Coaching programs, better compensation and benefits and tuition reimbursement are among the top retention methods employers are using to retain management employees and future leaders.
“Providing coaching to employees in how to become better managers is as important a signal of investing in employees’ career development as are salary and benefit increases,” said Williams.
Employers are using primarily non-financial methods to retain those who work on the front lines, including selecting them more carefully, giving departing employees exit interviews, and providing better orientation and training. There’s a hint for you: if companies are being more careful in selecting their new employees, then you need to present you’re a-game right from the start. If you’re talented, committed, experienced, and dedicated, show them your entire package so you’ll be seen as a ‘top talent’ employee.
The methods companies are using to retain employees are:
– High-potential workers: The top ways that companies are trying to retain high-potential employees are through better compensation and benefits (43% of respondents), coaching programs (40%), mentoring programs (38%) and tuition reimbursement (37%).
– Middle managers: The most popular retention methods companies are using for middle managers are coaching programs (35%), tuition reimbursement (30%), better compensation and benefits (30%), and flexible hours and schedules (24%).
– Senior-level executives: Coaching programs are the top way companies are trying to retain senior-level executives (37%), followed by stock options (32%), profit-sharing (27%), better compensation and benefits (24%), and retention bonuses (18%).
– Front-line workers: 50% of employers said they are selecting front-line workers more carefully as the top retention method. Other popular retention methods are: giving exit interviews (48%), better orientation and training (35%), tuition reimbursement (34%), and better compensation and benefits (26%).
“As employees voluntarily leave companies, it presents vacancies and open job positions. Older or transitioning job seekers should take advantage of these unexpected vacancies,” Williams advises. “Demonstrate, through a description of your past accomplishments, that you can offer the same skills which the departing high-potential employee possessed. Show how you can hit the ground running because of the wealth of experience you bring to the table.”
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About this Examiner: Kathryn Marion is the award-winning author of GRADS: TAKE CHARGE of Your First Year After College!, the most comprehensive resource for navigating the world of work and independent living after graduation, as well as host of the book’s companion resource site, www.GradsTakeCharge.com. The print edition of GRADS: TAKE CHARGE is available through Amazon and other online booksellers. The e-book edition is available through e-junkie.
Kathryn also coaches students, graduates, and career changers as well as consults with small businesses and aspiring authors.
Follow her other Examiner columns: College to Career and Life After College. And even more articles on SelfGrowth.com.