At the end of July, 3 million job openings were reported by the U.S. Bureau of Labor Statistics. As the job market improves, employers will be faced with increased pressure to retain top talent.
Employment is expected to increase by double digits within the next decade, according to the BLS. It predicts employment to increase by 10 percent, or 15.3 million, by 2018. More than half of the new jobs will be in professional and service occupations.
According to a job recovery survey by the Society for Human Resource Management, a majority of the more than 750 human resource professionals and managers surveyed agreed that turnover will rise significantly once the job market improves. Both groups believe that the job market will improve within the next year, according to survey results.
When the economy turns around, 34 percent of employed Americans plan to look for a new job as indicated by the Deloitte LLP 2010 “Ethics & Workplace Survey.” According to the Deloitte survey, those who plan to seek new job opportunities cited loss of trust, lack of transparency in communications, and unfair treatment or unethical behavior by employers as reasons to look for new jobs. A financial consulting firm, Deloitte conducted the study among 754 employed U.S. adults and 300 Fortune 1,000 executives.
With anticipated turnover, employers are encouraged to find out what motivates their employees. Employee testing firm Psychtests AIM Inc. recently released data that revealed the most important workplace factors. Data from more than 6,000 participants of Psychtests’ Career Motivation Test showed that their top three work motivators were achievement, learning and inspiration. Based on that, here are some suggestions for motivating your employees and creating trust in your organization to help you retain top talent.
Recognize Accomplishments
Set realistic goals and objectives for employees, and communicate with them on how their goals contribute to the overall goals of the company. As goals are met, recognize their accomplishments. Take time to celebrate when an employee reaches a milestone, wins an award or exceeds objectives. Creating a feeling of value among employees by recognizing their accomplishments will go a long way with your retention efforts. Acknowledging your employees’ accomplishments is an easy and cost-effective way to increase employee morale, engagement and productivity.
Provide Training Opportunities
Set up a career path with your employees and provide them with the appropriate training to do their jobs. Training and advancement are important to your workers because they are looking for ways to improve their abilities and skills. By offering training opportunities and creating an environment of growth, creativity and recognition, you will motivate your employees to become leaders and experts in their fields.
Inspire Employees
Along with recognizing accomplishments and offering training opportunities, you can inspire your employees by coaching them and serving as a mentor. Visit with your employees to find out what inspires them, and equip yourself with the tools to become a better coach and mentor. It will take some extra effort, but the payoff of productive, loyal employees will be huge.
Create Trust in Your Organization
To establish trust in your workplace, you have to give trust. Let your staff know that you depend on them, that you trust them. But most importantly, in every interaction, be open and honest.
By recognizing accomplishments, providing training opportunities and inspiring employees, you’ll be able to retain your top talent.
As a leader, you’ve invested in your employees. Now it’s up to you to maintain a strong work force and retain your most valuable assets — your people — by being honest with them and inspiring them to greater heights.
— Karen Dwyer is owner of Express Employment Professionals, 1025 Chapala St., Suite 206 in Santa Barbara. Click here to contact her or call 805.965.6900.
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