Take a seat for a moment before you read this next paragraph.
More than 75 percent of employees are looking for new jobs, according to the 462 employees and 367 HR professionals surveyed in the 2006 U.S. Job Retention Poll released today by the Society for Human Resource Management (SHRM) and The Wall Street Journal's CareerJournal.com. According to HR professionals, on average, 12 percent of their organizations' workforce had voluntarily resigned since the beginning of 2006. Non-management employees were the most likely to resign, according to 71 percent of the HR professionals surveyed.
Seventy-three percent of HR professionals indicated that they were concerned about the voluntary resignations at their organizations. In an effort to retain employees, nearly 50 percent of the HR professionals reported that their organizations had implemented special retention processes.
The size of the sample is pretty typical the sake of discussion, let’s say they are off by half. Are you prepared for a turnover rate of 37.5% in 2007?
Statistically, most people leave their jobs because of a desire for a salary increase; the system as it currently is, rewards the new hire to a greater degree than it does the current loyal employee (most companies pay larger salaries to hire the new employee than raises you pay to return your current talent).
So what can you do if your budget is locked in?
Look at retention strategies proactively with your managers. Ask them what they should do to head off losing three quarters of their staff. Is there a training budget to help improve skills? Is mentoring available for critical employees to head of departure?
Do you have an effective program to permit internal transfers?
Even if some of these strategies fail as an alternative to wage increases, they will help you become an employer of choice and help attract new staff.
Jeff Altman
The Big Game Hunter
Concepts in Staffing
jeffaltman@cisny.com
© 2006 all rights reserved.
Jeff Altman, The Big Game Hunter, is Managing Director with Concepts in Staffing, a New York search firm, He has successfully assisted many corporations identify management leaders and staff in technology, accounting, finance, sales, marketing and other disciplines since 1971. He is a certified leader of the ManKind Project, a not for profit organization that assists men with life issues, and a practicing psychotherapist.
If you have a question that you would like me to answer, email it to me at: thebiggamehunter@gmail.com
To receive a daily digest of positions emailed to you, search for openings that The Big Game Hunter is working on, to use Jeff’s new meta job lead tool, Job Search Universe, or to subscribe to Jeff’s free job hunting ezine, “Head Hunt Your Next Job, go to http://www.jeffaltman.com. Job Search Universe is also available at www.jobsearchuniverse.com To add your firm’s career page to “The Universe” email the url to jobsesarchuniverse@gmail.com.
For Jeff’s free recruiting ezine, NaturalSelection Ezine, to help human resources professionals, managers and business owners make even better hiring decisions, ,subscribe at www.naturalselectionezine.com . For information about personal job search services, go to www.VIPPersonalSearch.com.
If you would like Jeff and his firm to assist you with hiring staff, or if you would like help with a strategic job change, send an email to him at jeffaltman@cisny.com (If you’re looking for a new position, include your resume)
