Keeping the best more critical during downturn

Global - With the economic crisis, leaders across the world are showing more concern about retaining their best talent.

With fewer resources, many employees are becoming increasingly overworked and would start to look for opportunities outside the company. Hence, the recent survey conducted by Personnel Decisions International, found nearly all the 530 leaders surveyed said it was crucial the company keeps its top talent during this economic downturn.

However, when asked about retention strategies, the survey found that companies take a shotgun approach to retaining their best. Even though 32% believed that career development of key employees was the most effective way of keeping employees, many leaders still rely on the tried-and-tested method of paying more in order to keep employees in.

Tommy Daniel, senior vice president, of PDI says there are steps in which companies can make an impact on retention without requiring a lot of money. "For example, senior leaders can make the effort to speak one-on-one with key employees to communicate how the organisation values their contributions. Leaders can ask key employees to participate in strategy discussions that make the employee feel more invested in the company and more involved in developing company solutions.”