Top talent doesn’t always know it, but management needs them more than they need management.
The financial crisis has left many people with a sense that they should just be happy to have a job, any job. But the reality is that many firms are struggling to find and hold onto good workers.
Hiring and turnover rates are on the rise, according to a recent Towers Watson Global Talent Management and Rewards Survey, and roughly 65 percent of those surveyed said that they are having difficulty attracting top performers and high-potential employees. More than half also said it is hard to hold onto high-potential employees and top performers.
So bosses are doing more to keep the top performers they have.
These attempts at retaining top talent can take many forms, from more free food in the office to bigger pay raises. Roughly 51 percent of those surveyed in a recent WorldatWork report now use retention bonuses. Sign-on bonuses also are at an all-time high, according to WorldatWork analysis. It found that 74 percent of companies it surveyed used such bonuses. Perks are increasingly being used to retain top talent, too.
While more vacation time may not be in the cards for many employees, bosses can build in extra freedom by allowing more telecommuting. This gives employees more flexibility without having to compromise productivity.
To support this, managers are leveraging rich communications suites increasingly to improve communication among employees, allowing them to collaborate conveniently from any platform and from any geographical location.
If employees are able to creatively work with colleagues more easily, they are more likely to stay at a firm. Having strong ties with other employees also serves as a temptation to stay.
For top talent on the road, rich communications suites also can reduce the isolation of traveling all the time. If coworkers can be seen via video and reached easily, the disruption of travel is less pronounced.
Whatever managers do to retain talent, they shouldn’t let on how much they need their employees. Far too many workers still are worried about losing their job. They shouldn’t be. For those with skills, it is a good time to be in the workforce.
Edited by Alisen Downey