Employee talent retention is one of the greatest challenges facing businesses today. Due to job market instability, a larger pool of educated workers, and fluidity in employment options, it has become increasingly difficult for businesses to retain top-talent employees for the long-term. Gone are the days of workers staying at a job for the duration of their professional life.
Part of the problem is that employees no longer identify themselves with a single company or employer; this trend seems likely to continue indefinitely. So how can employers resolve this issue? The fact is that it’s a human resources issue; as such, the answer lies in employee career-development. The key is to attract, and retain top-talent for a longer duration through effective workforce management.
Defining this challenge as an HR issue is not to say that it’s just about providing competitive salaries, benefits, and growth options, although these are all important factors. What’s most important is to instill a sense of brand loyalty and association in your employees to help create more of a family atmosphere. Companies must realize that applying human resource best practices will help them improve performance management and remain competitive in today’s economy.
The Work Foundation and the Institute for Employment Studies produced a two-year employment study entitled People and the Bottom Line. In it, they tested a wide range of personnel management practices to provide overwhelming evidence that good HR directly affects a company’s bottom line—indisputable evidence that quality HR has a substantial impact on a business’s overall profit margins.
There are many resources that address these key concerns and allow employers to predict future HR needs. The biggest factor is quality recruitment and retention of skilled labor though improved strategies that make for a happier work force and a healthier bottom line. People like Stan Duncan of the Westfield Group have been in the HR field for over 20 years and have shown a consistent ability to remain aware of current ways to marry the needs of the employee and employer. Stan is the Senior Executive Vice President of U.S. Human Resources and Global Head of Management for Westfield, LLC. He is responsible for all areas of Westfield’s U.S. Human Resources functions and globally responsible for executive development, compensation, talent management and strategic planning.
Every company wants to be successful, but it’s important to realize that success goes beyond a business strategy. It’s also about the people that make up your workforce; keeping them happy and engaged could mean the difference between success and failure.