The good and bad of employee retention

It’s now more important than ever to keep maintaining your talent retention program.

A whopping 80% of workers plan to stay with their current employer throughout 2013, according to Deloitte’s Talent 2020 report. That’s a 45% increase from the 2011 survey. That’s the good news.

But the bad news is that 31% still aren’t satisfied with their jobs. This suggests that some workers aren’t truly happy with their current job, even if they plan to stay there through 2013. It could just be they’re biding their time for the right opportunity.

This is why it’s so important to make sure HR is on their game with retaining employees. You can’t let an uncertain economy scare your workers into staying on board with you – you want your company to be just as desirable a place to work in bad economic times as it is in good economic times.

What do workers want?

The majority of respondents (42%) that are seeking new work believe their skills and abilities aren’t being used in the best way possible. They also cited lack of career progress and lack of challenge in their jobs.

With that in mind, focus on these three areas to boost employee retention:

• Develop employees’ skills. There are always going to be employees that show a deep interest in another area of their job. It may be an accountant with a knack for social media marketing, or a collections employee with HR experience. Show your willingness to let employees develop skills in other areas, and they’ll appreciate the effort and follow-through.
• Build trust. Dissatisfied workers often cite bad management as a reason for their departure. Give your managers and supervisors instruction on the best way to lead employees: Be open to feedback and ideas and give feedback, no matter how big or small, frequently.
• Make two years the goal. The report showed that highest turnover occurs in the first two years on a job. That’s why a great orientation program and a planned follow-up program work wonders on retaining new employees. Also consider a mentor program for new workers to be paired up with vets.