As more companies engage in employee benefits consulting that may encourage workers to stay with a particular company, a new report suggests that employees are likely to stay put over the next year.
According to a recent analysis released by Deloitte, titled "Talent 2020," approximately 80 percent of all employees indicated they intend to remain with their present employer for the next year. When a similar survey was conducted at this time last year, as many as 65 percent said they were looking to leave.
However, Bill Pelster, who heads Deloitte's talent services department, said this finding may give businessowners a false sense of security regarding retention levels.
"Instead of addressing broad concerns over high turnover rates, employers now face a more targeted challenge," said Pelster. "Companies must adjust their talent management initiatives to focus on retaining employees with the critical skills required to advance their business in today’s turbulent marketplace, as they pose the biggest flight risk."
Leadership an important quality to have and recognize
He added that retention is something that goes further than HR compliance and employee benefit plan administration. It's also something that concerns more than just managers but also supervisors and individuals who head smaller departments. Ultimately, companies' success in retaining workers who are driven to succeed and who want to make the business the best it can possibly be is driven by identifying leadership qualities.
"Strong leadership is one of the most important factors in differentiating between an employee who is committed to their current job and one who is constantly searching for the next career opportunity," said Pelster.
This leadership should also be exhibited among company executives, as the report found that 62 percent of employees who planned on staying with their current employer were doing so because they had a high level of trust in those who oversaw their work.
Some of the best ways in which to keep employees on the job is through financial incentives, the report found. The Deloitte survey found that bonuses, promotions, additional compensation, flexible work arrangements and recognition from supervisors were among the leading things that kept employees happy and willing to stay with their present employer. Lack of career progress, dissatisfaction with management and limited challenges were among the leading reasons workers sought new employment.
