Recruiting the right employees and keeping the right employees matters, especially now.
A recent Society for Human Resource Management (SHRM) press release revealed the answer to the question of what people plan to do when the job market rebounds. The majority of the Human Resource (HR) professionals and managers surveyed agreed that turnover will rise significantly once the job market improves. Both groups felt that the job market will improve within the next year, according to the latest Job Recovery Survey.
The survey is produced by SHRM and CareerJournal.com, the free, executive career site of The Wall Street Journal, two of my personal favorite sites. The survey results include responses from 451 HR professionals and 300 managerial or executive employees.
"Were surprised by the percentage of executive employees who say they plan to jump ship once hiring rebounds," says Tony Lee, editor in chief/general manager of CareerJournal.com. "And with 56 percent of HR professionals agreeing that turnover will rise, were interested to see what types of retention efforts those companies launch to keep their best employees on board."
Employees cited the following three top reasons they would begin searching for a new job:
- 53 percent seek better compensation and benefits.
- 35 percent cited dissatisfaction with potential career development.
- 32 percent said they were ready for a new experience.
HR professionals were asked which programs or policies they use currently to help retain employees. The following three are the most common programs employers are using to retain employees:
- 62 percent provide tuition reimbursement.
- 60 percent offer competitive vacation and holiday benefits.
- 59 percent offer competitive salaries.
Most HR professionals surveyed (71 percent), in large organizations (those with more than 500 employees), thought it would be extremely likely or somewhat likely to experience an increase in voluntary turnover once the job market improves. Forty-one percent from small organizations (1-99 employees) said it was extremely likely or somewhat likely that turnover would increase. Fifty-three percent of respondents from medium organizations (between 100 and 499) thought the same.
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