PayScale has just released its 2014 Compensation Best Practices Report, and I was asked to take a look because (full disclosure) PayScale is a client.
Regardless, I was happy to check the report out seeing as (1) the graphics are pretty; and, (2) it’s crammed full of useful information about business trends.
The report contains input from 4,738 professionals, including 1033 CFOs, and some of the data surprised me. Such as: Read more…
Yes, 2014 will be the year retention returns to HR.
Retention almost died during the Great Recession. For almost 10 years, HR pros were able to roam the halls of their organization and almost never had to worry about the issue of retention.
There weren’t many jobs. Most people in times of hardship, hunker down and don’t move. It was like a perfect retention storm! Read more…
Editor’s note: TLNT is continuing an annual tradition by counting down the most popular posts of the year. This is No. 12. Our regular content will return on Monday.
The first quarter of the calendar year is the best time to consider employee retention efforts.
Everyone is back from their holiday vacations, and work is in full swing. Your employees have had a little time off, and during that time your best employees have been assessing their careers, work, health/family issues and planning ahead. Read more…
Editor’s note: TLNT is continuing an annual tradition by counting down the most popular posts of the year. This is No. 25. Our regular content will return next Monday.
Many people agree turnover is a growing issue, particularly as hiring picks up.
But what are most organizations doing about it, aside from implementing some short-term solutions when they discover it’s a problem?
Reducing employee turnover actually starts with the hiring process — but there are important management aspects to consider as well. Here’s what several experts had to say about the issue: Read more…
Editor’s note: TLNT is continuing an annual tradition by counting down the most popular posts of the year. This is No. 39. Our regular content will return in January.
What employee retention strategies do you use to engage and retain employees?
Research from the Bureau of Labor Statistics bureau show that the average American will hold around 11.3 jobs during their working years. The average number of jobs held is actually going up — especially with Millennials. Eleven (11) may seem like a really high number, however that depends on various factors, including the work you do, and what generation you are from.
Employee retention doesn’t just happen. Read more…
I recently wrote a post explaining why perks aren’t sufficient for employee engagement and long-term retention, and it got me thinking – what is sufficient? What really causes an employee to be engaged and dedicate many years of service to an organization?
As I was finishing up grad school a few years ago and searching for that perfect post-MBA job, I interviewed with a wide variety of companies across the country.
One of my favorite sets of questions for my interviewers was, “How long have you been at your company?” followed up with, “And why do you stay?” Read more…
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…