In good times and bad, organizations have learned about the impact of thinking that employees are dispensable. Such thought is particularly unwise as the economy improves after a downturn.
During the past few years, companies have lopped off employees in the hundreds of thousands for reasons of economic survival. The staff gaps that resulted are now being felt as those same companies are faced with competition both for business and the top talent they still possess.
Slowly, we are seeing a shift from a buyer’s to a seller’s labor market. There may be a high unemployment problem but HR executives are still complaining about a significant skill gap, that is, a difference in proficiency between the majority of individuals in the market for jobs and those that companies want in their labor force.
Rather than having just a replacement mentality, human resources needs a more strategic approach to the situation—one that finds answers to the coming high turnover. They need a solution that also addresses the bad reputation that the recession has wrought on many companies and that identifies cultural changes that will attract new employees.
Evidence has shown a high correlation between employee job satisfaction and engagement and employee retention and recruitment.
Here are some strategies to engage and retain top talent:
Hi there! This article is available for free. Login or register as a StrategyDriven Personal Business Advisor Self-Guided Client by:
About the Author
Florence Stone is editorial director for AMA and editor of MWorld, AMA’s quarterly membership journal. She is the author of Coaching, Counseling & Mentoring, The Manager’s Question and Answer Book and The Essential New Manager’s Kit.
To learn more about the American Management Association, click here.