How to prevent turnover of top talent

Employers have good reason to worry about increased turnover of their top talent, as many professionals say they have a short-timer mentality, according to two Robert Half surveys.

The staffing firm polled 2,800 senior managers at companies with 20 or more employees and found that 81 percent are concerned about their company’s ability to retain valued employees.

That jibes with the results of a separate Robert Half survey of more than 2,800 professional workers, which found that nearly half (43 percent) plan to look for a new job in the next 12 months.

The one thing that would convince the professionals to stay at their current job? More money is the top answer (43 percent), followed by more time off/benefits (20 percent); a promotion (19 percent) and a new boss (8 percent).

Ten percent say nothing would convince them to stay.

“In a tight employment market, workers have more options, and the grass may look greener somewhere else,” says Paul McDonald, senior executive director for Robert Half. “Employers can help prevent turnover by learning what motivates their most valued employees and customizing their retention strategies. While money is an important motivator, benefits or growth opportunities are also strong enticements.”

What are employers doing to try to retain professional workers?

They are increasing their communication with employees, including in town hall meetings and on employee engagement surveys, the most cited method (46 percent) of the senior managers polled.

They were encouraged to give multiple responses, and other retention methods they use include these:

• improving employee recognition programs (41 percent)
• providing professional development (41 percent)
• enhancing compensation and benefits (40 percent)
• providing reimbursement for ongoing education (33 percent)
• facilitating mentorship programs (26 percent)
• working with interim staff to prevent full-time employees from becoming burned out (24 percent)

Seven percent of senior managers say their company doesn’t have a retention strategy.

Additional findings of the surveys include:

– Cities with the highest percentages of workers planning to look for a new job include Sacramento, Miami, Austin and Denver.

– Minneapolis, Philadelphia, Boston and Indianapolis and Pittsburgh have the fewest workers looking to make a move.

– Portland, Charlotte, Indianapolis and Philadelphia have the most professionals who would stay in their current roles if they earned more money.

– Los Angeles, Miami and Tampa have the highest percentages of workers who would be convinced to stay at their job if they received a promotion.

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