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How To Retain Top Talent During An Economic Recovery

Guest post by: Allison Grace

Article Overview: To prepare for the economic recovery that is coming our way, employers should focus now on boosting employee engagement in order to keep key employees when the economy recovers, the job market is expanded and more attractive employment opportunities arise elsewhere. Many skilled employees may be frustrated by the actions of their employers during the recession and are just waiting for the opportunity to run for the doors.

How To Retain Top Talent During An Economic Recovery

To prepare for the economic recovery that is coming our way, employers should focus now on boosting employee engagement in order to keep key employees when the economy recovers, the job market is expanded and more attractive employment opportunities arise elsewhere. Many skilled employees may be frustrated by the actions of their employers during the recession and are just waiting for the opportunity to run for the doors. They may feel they were treated poorly by their company during the recession, are exhausted from having to work extra hard to pick up the slack for those who were laid off, or may just be interested in seeking what they perceive to be greener pastures in a better economy. Consider these statistics:

• Adecco Group's latest Workplace Insights Survey confirmed that 54% of employed Americans plan to look for a new job once the economy rebounds. That idea is stronger among younger workers, with nearly 75% of those between ages 18 and 29 reported as likely to look for new jobs once the economy turns around.
• In May 2009, a Robert Half International and CareerBuilder survey of more than 500 full-time employees found that 55% plan to make a career change, seek out new employers, or go back to school once the economic recovery is under way.

So what should employers do to retain their top performers when the economy recovers?

Besides ensuring your organization is offering competitive pay and benefits, business leaders need to show a commitment to the professional development of their employees. Organizations can take the first step by engaging in meaningful, honest and proactive career conversations. Exploring such questions as:

• How do employees view their managers?
• Do employees believe they fit with the organization's vision and values?
• What are their career aspirations?
• What would they like and need to learn?
• What do they want to contribute to the organization in the future?
• How do they view their working environment?
• How confident are they in their leaders?

In order to retain skilled employees and managers, you need to give them more reasons to stay than to leave. They need to feel appreciated and valued and to know that you've seen their hard work and contributions during the tough times. By engaging in these conversations, you can make sure your employees and managers see how their contributions directly help the organization achieve its goals and give them a road map to the future.

Besides engaging in meaningful career conversations, business leaders need to take a look inward at other factors that might lead employees to seek greener pastures:

• Are salaries and benefits competitive?
• Do you provide training and development opportunities?
• Are you giving frequent performance feedback?
• Have you created an innovative work environment?
• Do you promote work/life balance?
• Do you solicit input from employees on issues affecting their jobs and the company?
• Do you recognize and reward excellent performance?
• Do you communicate organization goals, roles and responsibilities?
• Do your employees know what is expected of them?

You need to start these conversations now with the people that are essential for your organization's future success. Let your employees and managers know that you care, andthat you value how they've pitched in and what they've done during the tough times. These conversations will help you to learn and to develop an action plan to keep your key employees meaningfully engaged and to retain them when the economy recovers.

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Article Tags: economic recovery, economy, employee engagement, recession, skilled employees



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