Happy days are – almost –
here again…so how do you prepare?
After long last, it appears as if the
economy might, just possibly, be at the smallest beginnings
of an upswing. And although the job market doesn’t
seem to be following that gradual climb as of yet, it’s
bound to happen eventually. And a booming job market
spells trouble for employers used to the current employer-favored
climate, where hundreds of workers jockey for each open
position, and employed workers are relieved to have
any job at all. Such a competitive market, in such tight
economic times, has led in some cases to employee neglect
and some employers have been all but forced by the poor
economy to cut benefits or forego raises. In turn, employee
loyalty has all but been eliminated. Many employees
have one eye on the door, waiting for the first opportunity
to bid you adieu. So what will you do when jobs are
once again plentiful…and your top talent bolts
for another employer?
The one thing you can’t do is ignore
the problem. Human resources professionals believe the
employment revival will start within the next six to
twelve months, according to a new Job Recovery Survey
conducted by the Society of Human Resources Management
(SHRM) and CareerJournal.com, part of The Wall Street
Journal. And according to the survey results, HR professionals
and their employees have vastly different views on what
will happen when the job market expands. Only 12 percent
of HR professionals polled felt that it was "extremely
likely" that voluntary turnover would increase
in their workplace. In fact, one in ten HR professionals
reported that it was "extremely unlikely"
that their organization’s voluntary turnover would
increase once the job market picked up. In contrast,
64 percent of employees responding to the survey stated
that it was "extremely likely" that they would
begin or increase the intensity of their job search,
and another 19 percent said that they would be "somewhat
likely" to do so.
The survey then asked employees who stated
that they were extremely or somewhat likely to begin/intensify
a job search why they would want to leave their current
job. The number one reason (53 percent) was for better
compensation and benefits, a not unexpected result.
However, 35 percent of employee respondents indicated
that they were dissatisfied with their current potential
career development, and 32 percent said they were ready
for a new experience.
This wide difference in perception between HR personnel
and employees may spell trouble for overly optimistic
employers, blind to the potential mass migration ahead.
But how can employers lay the groundwork for retaining
talented employees now, and avoid waving them goodbye
in a year’s time? Interestingly, the survey notes
that the top three reasons employees are planning on
beginning a job search – compensation and benefits,
dissatisfaction with development opportunities, and
readiness for a new experience – can be addressed
by employers now. While increasing salaries or adding
costly benefits may not be an option for some employers
during this slow growth period, other, more creative
solutions may do the trick. Employers and HR personnel
should think concretely about the needs of their particular
workers, and think creatively about how to meet those
needs. Often, a little effort can go a long way to making
employees feel valued and appreciated – which
in turn might make an employee a little less eager to
leave the company once the economy picks up.
It may be surprising to many employers, but it’s
not only money and benefits that keep employees happy,
hardworking, and loyal. A positive and open work environment
can be the key to retaining your workforce. Clear channels
of communication, interesting work, growth opportunities,
and a general sense of respect, appreciation, and support
are other important – and too often overlooked
– ways to retain good workers. Too often employees
are only noticed when they do a poor job or make a mistake.
Taking the opportunity to regularly recognize an employee’s
good work, successful initiative, or positive attitude
can help lay the foundation for long-term loyalty. After
all, if an employer can make an employee feel like an
integral part of the company when times are hard, it’ll
be that much more difficult for the employee to leave
once the job market is booming.
More tangible options include allowing
flextime schedules, providing tuition reimbursement
or other educational opportunities, "pizza days,"
where the company picks up the tab, or enacting a more
generous vacation day policy. It may take a little creativity
and a lot of thought, but when your employees choose
to stick with you once the job market improves, it will
be worth the effort.
The Job Recovery Survey was conducted
in July 2003 by SHRM and CareerJournal.com via e-mail
and a website pop-up. To find out more, visit http://www.shrm.org,
or http://www.CareerJournal.com.
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