Retention Tension
When discussing the tight talent market, there is often a lot of focus put on the ability to attract talent and win them over, but what about the talent you already have at your company? Keeping the skilled and talented professionals you rely on at your company has become increasingly challenging over the past years, a trend that does not appear to be changing.
A new report by Robert Half found several powerful statistics. Let’s look at what they mean from a retention standpoint.
As of November 2016, 5.5 million jobs were open, up 17% from two years ago and 58% of small business CEOs expect to increase their staff during the next 12 months.
Take away: With more opportunities available, there are more places for your top talent to go and explore other options.
The amount of employees who have voluntarily left their jobs has steadily risen over the past 3 years.
Take away: This statistics correlates with those above it. With more opportunity, top talent feels more comfortable leaving a job knowing that there will be other, potentially better options out there. Key employees are taking into account their wage, benefits and happiness and deciding if they are satisfactory. If not, they are confident they can find better opportunity elsewhere.
Over half of CIOs and CFOs report difficulty in finding skilled talent.
Take away: While this does mean that companies must step up their recruitment tactics to win the best talent they can, it also means that the companies that are struggling to find skilled talent in the pool of jobseekers will be looking to poach talent from other companies. Make sure your company is as appealing to join as it is difficult to leave.
67% of workers said they would consider a job offer from a recruiter regardless of whether they had been considering a career move.
Take away: Despite how happy an employee may seem, many would consider another job offer. Consider giving surveys to poll employees to make sure you’re delivering on what they feel is truly important. It could be the difference between losing and saving your key people.
75% of employers plan to increase wages.
Take away: No matter how much money you’re paying your key talent, someone can always come along and offer more. So make sure to offer something unique to your company that will set you apart and make those key employees stick around.
What now? Think about your company. Who are the key employees that drive revenue and growth impact? What would you do to keep them?
It’s time to consider the possibility that there are companies out there itching to have the talent that you count on, so don’t wait until it’s too late to put together your retention plan. It’s time to proactively plan and get ahead of retention tension!
How We Can Help
ArmadaCare’s premier product, Ultimate Health, is a supplemental expense reimbursed plan that can be used to offer additional coverage to just those difficult to recruit and retain individuals. Because it is an excepted benefit, it can be offered to select employee classes. Ultimate Health’s robust coverage is often used as a retention tool for top talent!
Coming to a state near you: We are in the process of filing a whole suite of supplemental expense reimbursed products, with different coverage and pricing options, so that employers can create the perfect benefit structure for their cost and retention needs. Please contact us for availability.