A recent study by Spherion, The 2013 Emerging Workforce, examines the 2013 workforce and the post-recession resurgence of the “emergent worker mentality,” characterized by the study as one which focuses on a free-agency style employment.
While the study provides data to support this point it is more than likely we have experienced the validity of this resurgence in our daily lives, perhaps witnessing friends or colleagues job-hopping more frequently, or seeing an increased social conscience in employees and new talent.
Whether we’ve confirmed suspicions that our current workforce is driven by a very different set of factors than previous generations or not, insights from this report can help to remind us of the importance of understanding this emergent worker mentality. Read more…
Retaining employees within the first five years of service can be a challenge.
In fact, according to the Bureau of Labor Statistics, the average job tenure of American workers across all industries is 4.6 years, with the highest levels of retention occurring in the public sector (7.8 years) and the lowest in Leisure and Hospitality services (2.4 years). Millennial workers reported the lowest overall average tenure of 3.2 years.
In light of these trends, it is surprising to find in a recent survey conducted by Accelir that while an overwhelming majority of organizations (91 percent) utilize reward and recognition programs to honor tenure-based awards, only 12 percent include an early recognition element. Read more…
The aftermath of 2008 economic downturn saw employee turnover plummet as most employees decided to hunker down in their jobs.
Turnover went from 35.7 percent in 2007 to 23.6 percent in 2009, but now it’s gradually inching back to its earlier, pre-recession level. The U.S. Department of Labor reports that it reached 26.5 percent in 2011, and this year, it’s projected to cross the 30 percent mark again.
As Baby Boomers pass the baton to younger shoulders, mediocrity dies a slow death, and talent poaching becomes a norm, giving rise to the harsh truth of employee turnover. Read more…
First of two parts
If you expect to win “The War to Keep Your Employees,” you must continually assure that the best offer that a top performing employee receives comes from inside your own firm.
In order to assure that, management must periodically approach top talent and recruit them again (re-recruit) just as if they were a new external prospect.
Although I coined the term “re-recruit” more than 20 years ago, it is still an effective retention tool today. Its basic premise is that you must re-energize your best employees every few years either by redesigning their jobs or offering them a new one that is clearly superior to what any external recruiter might offer them.
Much like married couples can re-energize their marriage by renewing their vows, managers should periodically change and update what the company has to offer during the re-recruiting process. Read more…
The No. 1 source of hire. The best way to retain coveted employees. The easiest approach to finding the right candidates for the job.
For hiring managers, it’s like a present in your inbox: More than likely, these candidates are going to be great, especially in comparison to those sourced from other methods.
While there’s no denying the power of a good referral, what makes a referral great? That is, what’s the secret ingredient for a remarkable employee referral? Read more…
Companies across all industries are finding that attracting and retaining top talent is, or soon will be a struggle.
Some believe that talent is scarce, while others believe that talent acquisitions strategies are the issue. Whatever the shortcoming may be in finding talent, training could be the solution.
Creating a work atmosphere in which talented people can continue to grow and learn could be the key to attracting the talent you need. Read more…
Second of four parts
Yesterday, I covered the first 11 of the smart talent management practices at Facebook. Today in Part 2, I’ll cover 12 more best practices that you can learn a lot from.
A focus on excellence in recruiting
12. It is ranked as the No. 1 employer brand – Facebook excels at spreading its “best place to work” employer brand image. In 2013 Facebook was listed as the No. 1 employer brand by Glassdoor for having the most satisfied employees. It was No. 1 because its employees are “Challenged every day to do your best work” and “The company’s leadership truly believes in Facebook’s mission to make the world more open and connected.” Read more…
Retention has become a big deal and a top concern for many organizations.
This is acutely true around high performers and employees with very in-demand skills.
And, as with many people issues, one of our first responses is to put more money on the table. Just look at the steady growth (beyond the brief recessionary dip) in the use of retention bonuses over the past 10 years (courtesy of WorldatWork‘s annual salary budget survey): Read more…
A lot of the debate surrounding pay for performance focuses on the degree to which differentating pay by an individual’s performance serves as an incentive, encouraging the employee to focus energy and attention on achieving the things necessary for the organization’s success.
In other words, do we get what we pay for?
What we overlook, however, is the more macro impact that performance pay can have on the overall composition of an employer’s workforce. Read more…
From the employer’s perspective, most of the recent publicity relating to offering health care benefits has been focused on the added cost and burden of providing those benefits to a firm’s employees.
However, many employers and especially small businesses seem to have failed to realize that offering health care benefits is one of the most powerful attraction and retention factors on the planet.
As a result, not offering health care may turn out to be a costly business decision, especially when it drives away top potential applicants and results in the loss of your top lower-paid employees to other businesses that have suddenly become more attractive by offering it. Read more…