During the economic downturn of the past year, companies have taken many actions to cut costs, including cutting salaries and bonuses, mandating unpaid time off, and laying off staff. While many organizations may be finished with layoffs at this stage, salaries and bonuses have yet to recover. Employers must remember, regardless of economic conditions and especially in the wake of downsizing, your most talented employees always have options.
Retaining Employees in an Economic Upturn
#1 Reason Top Performers Leave
Staffing company Robert Half International recently surveyed 150 senior executives from the nation’s 1,000 largest companies. The survey results revealed the number one reason good employees quit their jobs is dissatisfaction with management. Limited opportunities for advancement was the second most common answer.
Top 5 Employee Retention Mistakes
Yes, it’s an employer’s market and there are plenty of capable people looking for work in the current economic climate. But now isn’t the time to sit back and assume your employees have no options available to them so you can ignore them or treat them poorly. Many employers are making these costly employee retention mistakes.
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.


