Watson Wyatt's Global Strategic Rewards Report (2007/08) notes the difficulty organisations around the world are experiencing in attracting and retaining their employees, particularly those with critical skills and those rated as the highest performers.
SHRM: "It remains a challenge for HR professionals to balance the relational aspects of job satisfaction with tangible rewards, such as benefits, compensation, job security and flexibility."
"Employers, for example, failed to grasp the importance attached by employees to the nature of their work. This intrinsic satisfaction to be found in a job was overlooked by managers, who believed that opportunities for career development would be of prime concern. The distinction is important because the latter assumption relates to future possibilities while it seems the immediate concern of employees is for the here and now of their work."
SHRM: "HR professionals viewed employees' relationships with their immediate supervisers aer the most important aspect of employee job satisfaction, while employees placed it eighth on their list."
- "Misguided investments - Companies and employees have divergent perceptions of the reasons for attraction and retention, so the changes that companies make may not align with employee priorities.
- Poor execution / implementation - Employees may not understand the changes that employers are making."
"To reduce turnover, companies are increasing both their efforts to survey employees (40%) and their responsiveness to the survey findings (37%). Organisations have also implemented off-cycle increases (32%), improved work-life balance (29%) and increased the use of recognition programmes (29%).
Companies are approaching turnover among top-performing employees differently, most often with accelerated career development opportunities (50%), off-cycle pay increases (49%) and rotational assignments (37%)."