With a large number of companies starting to rebound and focus on growth, many businesses are letting career advancement fall by the wayside. Failing to give staff members incentives for promotions and career advancement opportunities could cost corporations their engagement and loyalty. As several studies have revealed, employees want to have upward mobility and benefits or payment incentives to keep them coming back. Failure to overlook these desires could cost companies their best workers.
Building Better Opportunities
As the unemployment crisis begins to wind down, some employers feel that coming up with strategies to entice new workers and entertain existing ones are not as important. On the contrary, as the financial sphere starts to get back on track, HR personnel need to work hard to ensure that their organizations are riding the crest of the wave, by monitoring employee engagement levels and making sure that workforce goals are being met. A strong emphasis on corporate leadership and culture will influence the mindset of uncertain workers, but giving them something to strive for is always a better bet.
The Society for Human Resources Management found that most HR personnel feel they’re on the cusp of losing most of their top talent thanks to lethargy in their retention plans. Knowing this is the case, it seems shocking that there isn’t more panic in the human resources department as employees scramble to create better engagement strategies, but it seems everyone involved is handling this with a level head.
The answer here could be as simple as stagnancy. In other words, while some stellar staff members may jump ship and find new employment, many will stay where they are either out of loyalty or lethargy, though one of these is far more desirable than the other. Encouraging greater understanding and adherence to corporate cultural messages can induce better retention levels among existing staff, so long as businesses find ways of helping workers overcome occupational stagnation.
With unemployment dropping throughout the United States, it makes sense that employers would want to ensure that they’re doing everything they can to retain the valuable assets they’ve spent time and money training and acculturating over the last few years. Allowing this process to fall by the wayside could cost them their return on employee investment as staff members dwindle and fall away to rival organizations.
Mercer reported that HR personnel are more concerned about worker engagement and career options than ever. That’s because with fewer quality candidates to choose from, businesses understand that a lost employee won’t be as easy to replace as it might have been even a year ago when unemployment was still a rampant issue.
People are staying in the office sphere longer than before, pushing the average retirement age even higher, but that doesn’t mean that these workers are available for hire. They are by and large already gainfully employed, and unless their bosses are making the mistake of failing to give them advancement options and incentives, it’s likely they won’t leave anytime soon.
“Employee loyalty has been eroding the past few years due to businesses’ responses to the economic downturn,” said Loree Griffith of Mercer in a Benefits News interview. She told the source that companies want to find ways of engaging and motivating their workers but can’t seem to realize that they need to offer them advancement opportunities and career planning in order to keep them interested.
Despite indications that the economy is turning around, businesses and HR personnel need to carefully assess their advancement programs and ensure they’re granting enough incentives to keep employees engaged. If corporations should lose the loyalty of their best workers, they could see themselves slipping despite the overall economic recovery, as their best resources will no longer be with the company.
Do you think your company is doing enough to keep employees engagement and top performers around?