Retaining your top talent

It’s no secret that there’s a war for talent
being waged in the workplace and in the
job market today, and the competition for qualified employees is intense. What
does seem to be an unknown — to many
employers — is what they should be doing
to retain their hard-won employees to
avoid losing them to competitors.

“Throughout a decade of workplace surveys, Spherion has discovered specific
needs among employees that employers
can tap into in order to design effective
retention programs,” said Lynn Billing, vice
president of staffing services for Spherion
Corporation in Atlanta.

Smart Business asked Billing what
advice she would offer employers who are
serious about retaining their top talent.

What do your workplace surveys tell you?

Our ongoing Emerging Workforce Study
reveals an important disconnect between
what workers want and what employers
think they want. After the basics of compensation, benefits and growth/earnings
potential are met, what employees say they
want most are time and flexibility. Yet
these were last on the list of retention drivers identified by employers.

Our research also reveals that two-thirds
of workers (68 percent) are not satisfied
with their ability to maintain a balance
between their work and personal lives.
They are working too hard or too much
and their personal time is suffering.

What are the implications for employers?

Given the evidence, employers who are
interested in retaining their top talent
should consider providing perks that
address the need for time and flexibility.
Among the most popular are:

  • Flexible work hours — such as four 10- hour days with a three-day weekend,
    part-time work, shift work, or other creative scheduling. Our survey shows that
    59 percent of the work force want flex
    time options.

  • Telecommuting — Our survey revealed that 48 percent want to be able to work from home.

  • Paid time off for community service —
    Almost one-third of workers (32 percent)
    named this as a top priority.

  • Ability to take unpaid leaves or sabaticals — This was named by 23 percent as a
    priority.

Other options include onsite day care and
fitness facilities, cafeterias or bistros, dry
cleaning outlets, car wash services and
ATMs. Some companies offer onsite pharmacies, company nurses, medical hotlines,
and smoking cessation and diet programs
(which have the added advantage of fostering employee health).

In large metro areas, company-paid parking subsidies and subway and bus passes
can offer high-perceived value. Other effective programs include retention bonuses
for top contributors and coaching and
mentoring programs to develop your best
talent.

What are some advantages for employers?

When you think about the cost of
turnover — which ranges from an average
of $7,000 per individual hourly wage earner
up to $80,000 for a middle manager or technical professional — investing in preventive measures such as these can pay huge
dividends.

Our research reveals that 96 percent of
workers say that employers who help them
meet family and personal obligations
through options like flextime, job-sharing
and telecommuting are much more attractive to them than employers who do not
offer those options.

According to our surveys, employers
who understand and meet their employees’
needs can expect that 85 percent of their
workers will have greater job satisfaction,
56 percent increased trust and 43 percent
increased loyalty to their employer.

How can employers identify what programs
will be the most effective in their workplace?

There are a number of steps employers
can take. The key is to be flexible and committed.

Research. Start by reading the extensive
research already conducted. Speak to
peers in other companies to learn what
they have done and consult work force
management experts.

Survey. While it’s best to survey your
entire employee population, if that just isn’t
feasible, conduct employee roundtables or
focus groups in representative functions
and locations. One approach is to create a
list of possible perks your company could
provide and have each employee choose
their top two or three from the list. Then
implement the top two or three overall.

Experiment. Don’t be afraid of trial and
error. Try some of the programs employees
say they want, and then go back and see if
they’ve been effective. Or, find out if their
needs have changed and they want other
accommodations.

Adjust. Be prepared to flex every couple
of years if some programs don’t create the
results you’re looking for. Survey your
work force both before and after to compare responses and measure results.

LYNN BILLING is vice president of Spherion Staffing Services in
Atlanta. Reach her at (678) 867-3097 or LynnBilling@
spherion.com. For more information, visit www.spherion.com.