Devoted to Managers and those that seek to improve their management skills

In talking about employee retention and desires, we see that we are already facing fierce competition for available resources and it is gradually going to get tougher in the next 20 years.

Here are more insights into what we need to do to address this critical problem.

Probably the greatest misconception among businesses is that pay is the most crucial element in retaining a great workforce. In reality it is not even in the top five of things that really matter to employees.

Studies have shown that even when the occasional price-wars for employees happen, along with super compensation packages and bonuses, a large number of employees still leave their jobs looking for something better.

A major reason why is that work-life balance is not just a con or put-on by this generation; it is believed in and real. They don't live to work like the previous generation, but rather they work to live.

Horseman also comments that numerous surveys show that employees want work that challenges them; interactive communication and, the tools to do the job along with the right type of operational structure. This is what they see will lead their personal growth and professional development.
 
He brings in another startling statistic that reveals the misguided focus businesses have. Horseman said that statistics also reveal that “fifty times more money had been spent on recruiting than was spent on training employees.”

Another major missing element was the lack of input employees have concerning benfits they would prefer to have.
 
Last, one of the key factors of failure in employee relations was the lack of communication. On an international basis, almost 60 percent of companies in the poll said that they conducted surveys to get feedback from their staff. The bigger problem is that only 3 percent of them do it more than once a year, which leaves huge gaps in the process.