In a sign of an improving job market, two-thirds (68 per cent) of employers are implementing programs to retain some of their most talented workers, according to a survey by OI Partners-Feldman Daxon Partners, a global career transition, coaching and executive search firm.
That is because turnover has already increased at 30 per cent of companies and most are bracing for more employee exits in the coming year, according to the survey of 174 North American employers.
Ninety per cent are concerned about losing high-potential employee, 72 per cent are worried about departing front-line workers (sales and service employees), 60 per cent are apprehensive about middle managers leaving and 45 per cent 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 Warren Lundy, partner at OI Partners-Feldman Daxon Partners.
“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 for these levels of workers and competition for the best ones will become more fierce, as well as for those who manage them.”
The most difficult types of workers to retain are:
•operations and production (30 per cent)
•sales and marketing (27 per cent)
•customer service (24 per cent)
•accounting and finance (22 per cent)
•information services (20 per cent).
High-potential workers: The top ways employers are trying to retain high-potential employees are through better compensation and benefits (43 per cent), coaching programs (40 per cent), mentoring programs (38 per cent) and tuition reimbursement (37 per cent), found the survey.
Middle managers: The most popular retention methods companies for middle managers are coaching programs (35 per cent), tuition reimbursement (30 per cent), better compensation and benefits (30 per cent), and flexible hours and schedules (24 per cent).
Senior-level executives: Coaching programs are the top way companies are trying to retain senior-level executives (37 per cent), followed by stock options (32 per cent), profit-sharing (27 per cent), better compensation and benefits (24 per cent), and retention bonuses (18 per cent).
Front-line workers: One-half of employers said they are selecting front-line workers more carefully as the top retention method. Other popular methods are: giving exit interviews (48 per cent), better orientation and training (35 per cent), tuition reimbursement (34 per cent), and better compensation and benefits (26 per cent).
© Copyright Canadian HR Reporter, HAB Press. All rights reserved.