As the recession eases and companies begin to add to strained staffs, employers are also taking action to retain existing top talent at their organizations.
According to a new CareerBuilder survey, nearly one-third (32 per cent) of employers are concerned about losing their high performing workers in the second quarter, while one-third (33 per cent) of workers said it is likely they will start looking for a new job when the economy picks up. As a result, employers are turning to a variety of different retention strategies to hold onto those workers and their valuable intellectual capital.
Increased workloads, longer hours and fewer resources related to the recession may be contributing to higher job dissatisfaction. Looking at key factors that influence job satisfaction and company loyalty, workers reported the following:
• Pay: Nearly one-third (32 per cent) of workers said they are dissatisfied with their pay, up from 29 per cent during the same period last year.
• Work-life balance: Nearly one-quarter (22 per cent) of workers said they are dissatisfied or very dissatisfied with their work-life balance.
• Career Progress: Twenty-seven per cent of workers are dissatisfied with the career advancement opportunities provided by their current employers.
Of workers who have their sights set on making a career move, they shared the attributes they will be primarily looking for in a new employer in addition to competitive pay and benefits. Good career advancement opportunities (60 per cent) and good work culture (57 per cent) topped the list. Others include:
• Less stressful work environment (45 per cent)
• Sense of ownership in their position, that they can make a difference (42 per cent)
• Camaraderie, more family-like work environment (34 per cent).
“Many employers were forced to make unpopular, though necessary decisions during the recession in terms of adjustments in headcount, pay and overall strategy,” said Jason Ferrara, vice-president of corporate marketing for CareerBuilder. “As the economy improves and resources are reinstated, companies are employing different ways to repair and enhance the employee experience and strengthen morale.”