Staff cutbacks place more responsibility and workload on those who are left behind, so it is essential to look after them.
A Management Recruiters International (MRI) survey of more than 4,600 executives has revealed that, even in a softening job market, most employ a number of retention tools to help maintain a productive workforce. According to recruiters at MRI (a search and recruitment organisation with 1,100 offices worldwide), implementing retention strategies to keep key employees happy and productive has become even more critical.
Performance based bonuses remain the most popular retention tool, with eight out of ten of the executives surveyed using the strategy. Seven out of ten use recognition programmes, and nearly as many use tuition reimbursement programmes. Four in ten use extra benefits like parking and fitness subsidies and less than two in ten offer day care assistance.
According to MRI's president and CEO, Allen Salikof, with tightening workforces top employees are being asked to take on more work and responsibility as others leave. So keeping staff happy, productive and challenged at work is more important than ever. He also points out that employers must realise that what attracts someone to a job is often different from what keeps him or her there. Salary may well be a key attraction for potential employees, but may not keep them in the job afterwards.