Expand Employee Retention Methods

A recent article from Talent Management.com‘s Mike Prokopeak, Vice President and Editorial Director at Talent Management magazine, discusses how to overcome falling employee engagement rates by utilizing different approaches. There are some traditional methods that supplement engagement efforts, like pay raises. What other tools can your organization implement to increase engagement rates?

Pay raises are a tried-and-true way to maintain employee engagement rates. But with increasing employee turnover rates and continuous economic uncertainty, your communication with your employees is imperative. According to the article, today as compared to two years ago, approximately 50 percent more organizations report reduced employee engagement.

A recent survey conducted by Mercer, a consulting firm, found that:

The survey of HR practitioners at 470 North American companies showed that 24 percent reported a drop in their employees’ engagement this year, compared to 13 percent in the same survey conducted in 2010.

So what gives? Even with things looking up, engagement rates continue to stay low? It isn’t all bad news – The study also shows that more than 40 percent of organizations plan to expand their workforce this year and fewer organizations plan to make reductions this year. However, the flip side could be retention and talent shortages. What talent management approach does your organization have  in place for a similar situation?

Expanding development options for your employees as well as clear communication will be key to building retention. Show your employees more of the whole picture, like how their employee rewards package includes more than just monetary features. Show them the benefits, flexibility programs and career development opportunities available to them. These assets are more important to some people than monetary incentives.

But, at the end of the day, base pay is still the top concern of survey respondents.

Other potentially impactful reward elements include variable pay, such as short- and long-term incentive programs, health care and non-monetary benefits such as work-life programs, performance management programs, vacations and training.

There are a multitude of methods to enhance your organization’s employee engagement rates. Click here to read the full article.

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