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The game of "Musical Chairs" has begun. The aftermath of a recession is employee disengagement leading to turnover. Read on for reasons why your key employees may be leaving soon.
- Ann Clifford, President
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Dos & Don'ts
If a key employee quits, should I extend a counter offer in hopes they will stay?
(Answer provided at the end of the newsletter.)
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Turnover: The Scary News
Nearly one in three workers (32%) are seriously considering leaving his or her organization, according to Mercer's "What's Working" survey. Another 21% are not looking, but have "checked out" meaning they don't care any more.
We have coined the term "retirement on your dime" to reflect this overwhelming lack of employee engagement. Employers didn't cause the recession, yet employers are the "scapegoat" for all the things that have gone bad. And now, many employees need a change to distance themselves from bad memories and to refresh their energy.
As an employer, the questions you should ask yourself are:
- Which key employees can I not afford to lose?
- What can I do to keep them?
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#1 Factor Driving Employee Dissatisfaction
According to the Mercer survey, the overwhelming factor driving employee dissatisfaction is PAY. Money is not always the key driver under normal conditions, but coming out this recession, money may be the answer. Here are the top four factors that may contribute to an employee's decision to look for a new job.
- Pay: Leading driver due to limited raises and tanking retirement accounts.
- Workload: Long hours with less support resulting in burnout.
- Career Advancement: Fewer promotions keeping career growth stagnant.
- Development: Limited training budgets and little free time to learn new skills.
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Safari Interview Tip To make sure a candidate is not jockeying for a raise at his present employer, ask "If offered this job, what type of counter offer from your present employer might change your mind about leaving?
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Answer to Today's Dos & Don'ts
If a key employee quits, should I extend a counter offer in hopes they will stay?
Answer: An untimely departure may have you asking your employee to stay. However, the statistics are not in your favor. The National Business Employment Weekly reports that four out of five people who accept counter-offers are gone within the year. Be prepared that they may not stay, if they accept your counter offer.
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Candidate Spotlight
Meet Erik Nelson:
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Targeted Management Roles:
- Client Services
- Key Account
- Distribution
- Call Center
View Resume
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Call us at 317-578-1310 to
learn more about Erik.
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