Source: WorldAtWork
November 21, 2008

Retaining top talent is not a new concern for employers, but with new opportunities for employees around every corner due to the economic slowdown, employers may be more focused than ever on keeping their best employees.

Companies that take an integrated approach to employee retention are 20% less likely than other companies to experience problems attracting critical-skill employees and 25% less likely to have problems attracting top-performing employees, according to the Watson Wyatt/WorldatWork 2008/2009 Global Strategic Rewards Report.

The report also found that those companies that take an integrated approach to reward and talent management are 33% less likely to have trouble retaining critical-skill employees and 18% less likely to have difficulty keeping top-performing employees. These companies are also 18% more likely to be financially high-performing organizations.

“Companies taking an integrated approach conduct formal analyses of their workforce needs and supply of talent, and adopt a total rewards philosophy for their entire organization,” said Ryan Johnson, director of public affairs at WorldatWork. “One of the keys to this approach is a focus on communication, which continues to play a large role in employee engagement and productivity — particularly in these stressful times, when workers are looking for reassurance and constancy.”

The survey also found:

• 48% of respondents said improved communication was one of the three most effective options to reduce employee stress
• 76% of top-performing employees believe they understood their performance measures, compared to 62% of the entire employee group.

Survey methodology
The survey was conducted in May 2008 and is based on responses from 1,389 organizations in 24 countries.

Contents © 2008 WorldatWork. No part of this article may be reproduced, excerpted or redistributed in any form without express written permission from WorldatWork.