Winter storms may have caused employment to be a bit sluggish, but as we move into spring, job growth continues to accelerate. Staff retention is becoming a top priority in 2014 for employers, as confidence builds in the economy and job market, making companies more vulnerable to losing key talent. Organizations will have to ask themselves tough questions about how attractive they are to candidates and employees, and whether they are doing a good job of communicating career development opportunities that have the potential to mitigate costly staff turnover.
According to many recent surveys, employee turnover is projected to rise significantly as the job market improves. This means that employers will need to place greater emphasis on employee retention to complement their recruitment strategies.
The recent LinkedIn Exit Survey reveals that there is a considerable disconnect between employer and staff awareness of employee mobility programs. According to the survey, HR and talent acquisition professionals overestimate employee awareness of their internal mobility programs by more than 2X. Further, respondents in the US, UK, Australia, Canada and India overwhelmingly say it is easier to locate an open position outside of their company, than to be promoted within.
Halverson provides the following tips for building awareness of internal mobility programs:
- Brainstorm how your organization can develop an internal mobility program, if one doesn’t already exist
- Begin discussing internal mobility programs during the onboarding process
- Leverage and publicize internal mobility programs through employee referral programs to raise visibility
- Communicate internal promotions through multiple internal and external channels to create stories about employee advancement within the company
- Routinely assess employee awareness of the organization’s internal mobility program and adjust communication channels accordingly
Employee mobility programs have always been a great tool to encourage staff retention. Now they are increasingly important as companies face growing talent shortages due to skill gaps, and more workers begin to feel confident about seeking other job opportunities.
Smith & Wilkinson is a banking specific executive search firm that has operated since 1998. Our staffs of highly trained recruiters deliver unparalleled results for the hundreds of banking clients throughout the Northeast.