Talent Retention Jumps in Urgency as a Key Business Strategy

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Retaining productive employees is reaching a level of strategic importance for companies not seen in several years, reports a new study by TalentKeepers. The results of an employee turnover and retention study covering 251 organizations reports employee retention has increased in importance for 84% of U.S. companies, and 74% of executives indicate that retention is “very” to “extremely” important as a strategic initiative for their organizations.

TalentKeepers, the global employee retention research and solutions firm, reports in a new study of 251 organizations that employee turnover has begun to worsen in spite of the sluggish economy with 86% of executives reporting that turnover has remained stubbornly bad or increased in their organizations. The results will be included in the release of its Employee Turnover Trends 2004 report on October 25th.    

More firms are now tracking turnover and retention as a key business metric. Executives recognize that it’s difficult to manage what you don’t track, and 87% of the companies in the study track turnover at least at the organization or department level. However, 13% of firms reported they do not track employee turnover in any systematic way. Back on the positive side and reinforcing the growing recognition that front-line leaders significantly impact the stay or leave decision of an employee, 54% of organizations now track turnover by individual leaders.

What’s driving this renewed sense of urgency in talent retention? The assumptions that guide many organizations’ talent management practices are based on the availability of an ever-expanding and perpetually better-educated talent pool. But a wave of studies now show those assumptions are about to change in a big way fueled by the retirement of aging baby boomers, lower birth rates, tighter immigration rules and an increase in the skills demanded by today’s jobs. All of this combined is moving talent retention to the front burner.

“As the impact of employee turnover grows and retention rises as a strategic business issue for most organizations, it also points to the trend of greater accountability for retention on the part of senior executives,” says TalentKeepers’ Chief Client Services Officer Richard Finnegan. “We see this trend continuing with accountability for keeping productive employees being pushed all the way out to front-line supervisors,” he adds.

Advanced copies of the report are available on request by contacting Craig Taylor ctaylor@talentkeepers.com.

Contact:    

Craig Taylor, 407-660-6041

TalentKeepers, Maitland, FL

ctaylor@talentkeepers.com

About TalentKeepers

TalentKeepers®, with clients throughout the US and on four continents, is a global leader in employee retention research, thought leadership, and award-winning solutions with proven results in reducing unwanted turnover. TalentKeepers’ solutions consistently achieve strong results by focusing on improving the retention skills of leaders and involving employees in the effort to build a climate of retention and engagement. Call today to learn how you can reduce turnover, increase employee engagement and increase profits. Contact us at http://www.TalentKeepers.com or 407.660.6041.

This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company listed above.

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Craig R.Taylor
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