Recognise This! – Traditional approaches to retention may no longer be enough.

Granted, the recover from the recession has been mediocre at best. In this reality, many company leaders have become complacent in regards to talent, assuming employees don’t have good options elsewhere so they’ll continue to stay put.

Those days are rapidly coming to an end. John Hollon, editor of TLNT, offers a brilliant summary of survey results recently released by OI Partners. Just glance at the chart below and you can quickly see the changing dynamics of retention in the workplace.

	Report Higher Turnover Today	Concerned about Turnover
Front-line workers	51%	78%
High-potentials	34%	63%
Senior executives	29%	51%
Middle managers	27%	43%

With numbers like this, it’s no surprise the same survey shows retaining talent (70%) is the top HR challenge this year, closely followed by recruiting the right talent (65%).

So, what do you do to find and retain these top people. Unsurprisingly, the survey also cites coaching as the primary retention strategy, followed by better compensation and benefits. I’m glad to hear the latter, as too many employees took a hit on their pay and benefits during the recession and have yet to see those values restored as the economy continues to improve.

Yet, I’m also concerned that improving employee recognition and appreciation isn’t discussed as a major means of improving retention and recruitment. Indeed, our own Workforce Mood Tracker Survey found that 60% of those who don’t feel appreciated plan to look for a new job (vs. only 20% of those who do feel appreciated). Recognising employees for their valuable contributions helps them see how they contribute to achieving a greater mission, a key element of bothretention and employee engagement.

On the recruitment front, I can do no better than to point you to today’s post on the Globoforce blog in which my colleague, Darcy Jacobsen, says in part:

“All the same, employer brands can’t be ignored. Different from a marketing brand, an employer brand is the impression candidates have of your company and what it might be like to work for you. They have become a critical differentiating tool for attracting candidates. In fact, according to a recent Monster/Unum study of job seekers, culture trumps all.  A full 87 percent of employees said they want a company that they believe “truly cares about the well-being of its employees.”  Only 66 percent of respondents rated a high base salary as very important. This is why creating a great culture, and a great employer brand as a reflection of that culture, matters so much. It lets you put your best foot forward, and attracts the best candidates to your company.”

Retention can no longer be relegated to the back burner. Look closely at what you’re doing to ensure your employees are highly valued, recognised and appreciated in your organisation.

How concerned are you about retention of key employees? What are you doing about it?