Now’s the time to figure out how you’ll keep your best employees from taking a better job offer.
In case you’ve missed it, a lot’s been written lately about the potential turnover organizations will face when the job market improves. Plenty of people who track employment trends believe that if the economy continues its slow but steady rebound and companies start hiring again, folks are going to start polishing their resumes and looking around. And that means managers could be at risk for losing some of their best and brightest at a time they’ll need them the most.
One of the experts sounding the alarm about this potential trend is Bob Kelleher, CEO of The Employee Engagement Group and author of the new book, Louder Than Words: Ten Practical Employee Engagement Steps That Drive Results. Even though most people have stayed put and, in many cases, have been happy just to have a job during the recent recession, Kelleher predicts we’ll see a return to pre-recession turnover rates in the near future. In fact, he states we may even be looking at an increase in historical rates as “employees who might have changed jobs in better times, but who cooled their heels during the recession, prepare to jump ship.” He also suggests what he calls the “queued-up effect” may result in turnover as high as 25-50 percent in some organizations.
What’s more, MetLife’s 9th annual Study of Employee Benefits Trends confirms Kelleher’s predictions. “This year’s findings reveal a workforce that has grown more dissatisfied and disloyal, to the point where a startling one in three employees hopes to be working elsewhere in the next 12 months,” says the report. “Yet employers do not appear to be tuned in to this potential flight risk.”
My own experience with this subject is that both these sources are dead-on.
I’ve spoken to countless employees at all levels and in all positions over the past few years who have shared their frustrations with me over their current job situations. Yes, they’re happy to have a job when so many don’t. But they’ve also taken on more work, put in increasingly longer hours, and endured the stress and anxiety of continually wondering if they might be cut in the next wave of layoffs. They’re exhausted, worried and, in some cases, feeling like they’ve been asked to do more for less for a long time now. Some are downright angry and feel like they’ve been taken advantage of. One person recently told me, “I’ve done the work of two or more employees for the past 24 months, for less money than I was making three years ago. I’m afraid my company’s gotten too used to this and that it’s going to be hard to change it, even though our business is picking up again.”
If you’re a manager, what can you do about this? My recommendation, if you’re brave enough to do it, is ask each of your people, “What would another company have to offer to get you to make a move right now?” Listen to the answers and see how you can use that information to shape a retention strategy for each individual. You may not be able to offer everything they’d find attractive in another deal, but what if you could provide at least a couple of them? If you want to keep them, you’re going to have to be prepared to give them some reasons to stay.
What are you doing to ensure your best people don’t jump ship when the economy improves? Share your ideas in the comment section below.
