What steps are employers taking, reward-wise, to retain their top performers as the economy and job market revives?
A recently released study, Reviving and Inspiring the Workforce: 2011 Compensation Trends, by Buck Consultants, reveals (among other findings) what actions the participating 105 U.S. organizations are taking to hold on to their top performers.
As the outtake of the "top five" actions shown below tells us, providing new career development opportunities is the most popular tactic being pursued - a solid step, it would seem to me, given the target population. Running behind that are three cash compensation actions - market adjustments, larger increases and larger bonus opportunities. Rounding out the top five actions is using non-cash recognition to reinforce and show appreciation for what these employees are contributing.
So, how does this compare to your organization's strategy? What steps are you taking to hold on to your top performers?
I can't agree with this more - providing new career development opportunities, providing monetary and non-monetary rewards are all important!
Posted by: Zoe | May 20, 2011 at 02:08 PM
It's good to see the numbers riseing again.
Posted by: Bruce W. | May 25, 2011 at 09:11 AM
Great post again, Ann. I see the first 4 as indicators of restoring/responding to actions taken during the recession. Get back to even, if you will. The last, non-cash recognition, I think will always be perennially on such a list, just perhaps at a different level. People always need recognition -- it's the primary validation that what they do every day is noticed and matters.
Posted by: Derek Irvine, Globoforce | May 27, 2011 at 10:03 AM
Zoe and Bruce: glad to hear they make sense to you.
Derek: Good point - it would be interesting to see the list a few years out, to see what shifts and what doesn't!
Posted by: Ann Bares | May 27, 2011 at 03:33 PM
well, it is quite intresting what you wrote. my experienc hier in Europe is quite similar. Even the job market has differnet rules. It comes back to a proper talent management - that's it. Keep the employees (and future employees) happy.
Posted by: Juan's TalentManagement | June 11, 2011 at 08:55 AM