According to Right Management, nine out of 10 employers are finding it harder to fill key jobs despite ongoing high unemployment – and, of those employers, more are experiencing difficulty more frequently than last year (at 27%). Right Management also finds that 77% of employers rely on a combination of internal talent development and selective external hiring to fill key positions.
This research comes at the same time OI Partners finds two out of three organizations are increasing their programs in an attempt to retain talent. The most effective and most common methods for retention include coaching programs (which organizations are also using to fill key positions), better compensation and benefits, and tuition reimbursement.
The OI study finds that 68% of employers have taken steps during the past year to retain some of their best executives, managers, future leaders, and those who work on the front lines. With 30% of respondents indicating turnover has increased in the past year and most bracing for more employee exits in the coming year, 90% of those surveyed are concerned about losing high-potential employees – increasing the concerns about retention.
The methods companies are using to retain employees include:
- High-potential workers: better compensation and benefits (43% of respondents), coaching programs (40%), mentoring programs (38%), and tuition reimbursement (37%).
- Middle managers: coaching programs (35%), tuition reimbursement (30%), better compensation and benefits (30%), and flexible hours and schedules (24%).
- Senior-level executives: Coaching programs (37%), stock options (32%), profit-sharing (27%), better compensation and benefits (24%), and retention bonuses (18%).
- Front-line workers: 50% of employers said they are selecting front-line workers more carefully as the top retention method. Other popular retention methods are: giving exit interviews (48%), better orientation and training (35%), tuition reimbursement (34%), and better compensation and benefits (26%).
What is your organization doing in an attempt to retain top talent?
