Pay tops when enticing key talent: Report

Two-thirds of employers say retention of high performers ‘significant’ challenge
By Sarah Dobson
|Canadian HR Reporter|Last Updated: 09/25/2012

The combination of an impending labour shortage and turnover concerns as the economy improves is making employee retention a particular challenge for HR. So, when it comes to top talent, what’s the best approach?

Money, according to a survey released by WorldatWork. Two of the top three reasons star performers quit is to earn more pay elsewhere and because they feel their pay levels are unfair relative to others outside the organization.

“Right now, cash is king,” said Kerry Chou, senior practice leader at WorldatWork in Scottsdale, Ariz. “(Top talent is) probably getting lots of warm fuzzies already because they are top talent — so they’re getting interaction with their manager, they’re getting opportunities to be visible to other parts of the organization... They are more focused on making sure their pay is more competitive, better than the average employee.”