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In what seemed like one of the most challenging times in recent history, the Great Recession left many companies adjusting to new business road blocks. With a shortage of talent, employers were confronted by one of the top threats facing businesses today: the inability to innovate in order to be successful. According to an Aberdeen Group Study, 83 percent of companies surveyed said the No. 1 pressure felt in 2011 was having a shortage of talent.
One of the most apparent causes of this threat is turnover. It takes an average company 67 days to fill a high-skilled position. By the time you hire a candidate you could be losing another, creating a revolving door of turnover. With a constant flow of employees, how can you rely on your staff to be innovative?
With today’s employment trends, workers are less loyal to particular companies. According to an Ouch Point survey from Opinion Research, 80 percent of currently employed respondents would consider leaving their current job if presented with other opportunities. During the Great Recession, the first thing cut was incentive plans and benefits. According to a recent Gallup Poll, 22 percent of workers leave a job because of pay and benefits alone.
According to a Jobvite survey, 95 percent of companies plan to recruit through social media, and even more alarming, 66 percent of companies plan to recruit from competition. Cyber prowlers – recruiters headhunting through social networking sites – have changed the way companies obtain talent. According to Forbes, 74 percent of workers would consider leaving their employer if approached with another offer.
To combat the economic woes companies faced at the end of the past decade, employers were forced to lay off a large percentage of workers, leaving the remaining staff members with an increased workload. Now that the economy is improving, employees have new found skills and experience other companies will be recruiting for. According to a Deloitte survey, 59 percent of your workforce feels more is demanded from them.
Companies understand true innovative value is found in their employees. Jac Fitzenz, author of ROI of Human Capital explained it by saying “…people are the only element with inherent power to generate value…all other variables offer nothing but inert potential.” The revolving door epidemic of turnover leaves employees out of the loop and unable to lead your business to new heights. Your company has an unlimited potential for success, but the connection between potential and actualization is found in your top talent. Not focusing on retention will only leave your company with an inability to innovate. Express Employment Professionals helps people find jobs and aids businesses with finding the innovators they need.
Special thanks to Monica Horan, our guest blogger for this article
