For many (especially after a rough winter in several parts of the country), the first week of spring signals new beginnings and positive change. But when you consider the results of a recent Harris Poll survey conducted on behalf of Saba, the sound of spring 2015 is more like a blaring alarm: One-third of U.S. employees are looking for a new job. And they're looking to leave by summer.
Drill down, and that number only increases for managers/supervisors (44%) and millennials (45%) seeking a fresh start. As the economy continues to improve, we might even expect further change as more opportunities become available. In fact, Ben Casnocha, co-author of bestselling book The Alliance, mentioned in his recent blog that talent movement will only increase as opportunities become more visible and accessible. No wonder the question I've been hearing most often from executives and talent management professionals is: How should our company better engage and retain talented employees?
More collaboration, more personalization
In preparation for @Work 2015, Saba's upcoming global summit, I have been talking with several customers who are transforming their approach to learning and talent management. What I've found is that fostering a more collaborative work environment, and providing more personalized career development opportunities and rewards can really pay off. The data from Saba's recent study shows that more than two in five employed adults (43%) cite unhappiness with their current level of pay. This spring, consider compensation is one of the top reasons why employees seek a change - second to looking for more growth opportunities.
When I talk to our prospects and customers, I often share that recognizing employee contributions and providing personalized compensation is part of solving the retention challenge. Compensation means different things to different people: One employee may be motivated by a monetary pay raise, whereas another may be more interested in stock options, time off or extra vacation. Smart organizations take all these employee preferences into account during the compensation conversation.
Motivation beyond the paycheck
In our latest eBook we tackled how today's organizations can better motivate employees - far beyond the paycheck, and it comes down to a few levers:
- Personalized social recognition
- Customized growth and development plans
- More intelligent and personalized compensation
To read more about how a proactive and personalized approach to compensation and talent management can help you improve employee performance, engagement and retain your top talent, download our eBook, "Winning Your Workforce: The Essential Guide to Improving Retention and Employee Performance.