There's a change in the wind. Most employers believe the poor economy has been key to employee retention over the last year or so. But now they're gearing up for a time when only solid retention initiatives will make the difference between keeping and losing key talent.
i4cp found that over half (58%) of those responding to their recent Employee Turnover and Engagement Pulse Survey said their organizations are "taking action today to prevent an increase in turnover when the economy turns around." In larger firms, the percentage was even higher, and in companies designated as high performers (according to self-reported revenue growth, market share, profitability and customer satisfaction), the number rose to over three fifths.
Why this sense that it's time not just to think ahead but to take action? After all, this same study showed that nearly three quarters of respondents said that turnover had stayed the same or even decreased over the past 13 months. It seems organizations are starting to worry that pre-recession predictions of talent shortages and waves of retirement may indeed follow on the heels of an economic recovery.
