Retention & Engagement Gain Strategic Importance as Job Market Improves
TalentKeepers’ ninth annual Employee Engagement and Turnover Trends report for 2013 has shown that as the economy and employment improves, employee retention is reasserting itself as an issue of major strategic importance for most employers. The report found that 82 percent of organizations have increased funding for retention and engagement initiatives so far in 2013, up 11 percent from 2012. Employers appear to recognize that many employees have worked for years in less-engaging jobs during the recession in the name of job security, but now they are becoming impatient with the lack of professional development and growth offered by their occupations.
Of all employers responding to the survey, 59 percent expect employees to leave their jobs in 2013 for job and career reasons, beating out the typical leading factor of poor leadership as career advancement has slowed significantly. With a growing understanding of the link between engagement, retention, and organizational success, executive accountability and funding for talent strategies have increased. Christopher Mulligan, CEO of TalentKeepers, said:
“Executives understand the relationship between an engaged workforce, how well they retain strong performers and their ability to achieve productivity, sales and service goals. Our research reinforces the trend that engaging and retaining talent is viewed as a key business strategy that requires funding and support to be successful.”