In Property insurance, a map is used to pinpoint the geographical area wherein risks are located. Also, in the event of a natural catastrophe such as a hurricane, insurance companies use maps to highlight areas with a high concentration of insured risks to determine their potential impact.
Watson Wyatt surveys employers and their employees using critical factor indexes. According to this years report, for the third consecutive year, employers report difficulty in attracting and retaining employees, particularly critical-skill and top-performing employees. More than half (63%) of employers report a moderate or high level of difficulty in attracting critical-skill staff, and 39% report moderate or high difficulty in retaining them. At the same time, relatively few employees (19%) cite difficulty in finding another job as a key reason they remain with an organization, and 15% of top performers arent sure that theyll remain with their present employer.
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One factor in this indecision might be the difference between what employees value and what employers think they value. Overall, 86% of companies think they do a good job of treating employees well. Only 55% of employees agree. Furthermore, 54% of employers say that theyll do a better job of treating employees well during the next three years; only 24% of employees make the same prediction.
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Perhaps most interestingly, employees view pay (71%) as far more important to them than do employers (45%). They view promotional opportunities (33%) as much less important than do employers (68%). They also see healthcare benefits and stress as far more important in terms of retention than employers do. So, while employers view pay, career advancement, and relationships with the boss as the most important, employees view pay, career development, work/life balance, and benefits as their most important drivers.
What the survey doesnt ask is if employees thought they were paid a “fair days wage,” then what would be their most important drivers? In surveys that ask this question, “additional pay” becomes less important than the other factors mentioned. Finally, its a truism that we always think that were more committed to a relationship than the other person. Of course, employers (86%) think they treat employees well, while only 55% of employees agree. No surprise here.
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What should you make out of all this? For starters, do a head check to see how well youre doing in each of these areas. This is a critical step to improve employee retention. Hopefully youre doing this better than any one of your competitors and have positioned yourself as the Employer of Choice.
To purchase report: www.watsonwyatt.com/research/resrender.asp?id=2006-US-0038&page=1.