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Article -> Attracting and Retaining Talent

Date Added: June 2015

Employees and employers have differing perspectives regarding attraction and retention. Based on recent research, base pay and career advancement are in the top three – prioritized differently.

The top five drivers attracting employees to an organization are: base pay/salary, job security, career advancement opportunities, learning and development opportunities, and challenging work. Employers’ top five attraction drivers are: career advancement opportunities, base pay/salary, challenging work, organization’s reputation, and organization’s mission/vision/values.

The differences demonstrate a disconnect for organizations trying to recruit talent. It is also significant that benefits such as vacation, paid time off and healthcare are not in the top five; as well as some still prevalent economic issues, because salary traditionally was not a No. 1 employee motivator.

The importance of advancement opportunities needs closer review, especially when considered with learning and development, and job security. Employers clearly need to offer a competitive salary with confidence in job security; while providing necessary advancement and training, tied to challenging work. This data also proves more generational for Millennials vs. Generation X.

When retention drivers were considered, there was alignment with the top two, as employees and employers rated base pay/salary as the No. 1 retention driver, followed by career advancement opportunities. Interestingly, number three for employees was trust/confidence in senior leadership; while employers stated relationship with leader. This is another generational difference as relationship with leader historically was a top retention driver; however, employees rated it as sixth highest.

As employers review this information, they should observe the importance of what and how to communicate differently to Millennials and Generation X for recruiting and retention efforts.

Be fair and competitive with salary; and demonstrate advancement and training to coincide with job security. The old Jack Welch style of leadership having people competing with each other, not openly communicating with employees about advancement opportunities and fear; doesn’t work.

This becomes more prevalent with employees’ identifying the importance of trust/confidence in senior leadership. Having this trust with a clear strategic plan will help employees with job security and see a future with the organization. The best strategy and best customers become irrelevant without the best employees to implement, lead and serve.

David Yeghiaian is committed to positively impacting the lives of others through faith, inspiration and leadership. Reach him at david@unique-solutionsinc.com.

 

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