Although recruiting top talent is a major problem, executives say they are having even more trouble retaining the best employees, according to a recent Robert Half survey.
In fact, 38 percent of chief financial officers say retaining top talent is the largest talent issue for the next year while 27 percent of CFOs say maintaining productivity will be their main focus. Only 13 percent of respondents say recruiting top talent and improving staff morale and engagements are the biggest problems.
"Though general unemployment levels remain high, professionals with specialized skills have more opportunities available to them, which has led to talent shortages in some areas and made replacing valuable employees even more difficult," said Paul McDonald, senior executive director of Robert Half.
"Employers will need to pull out all the stops to retain their best and brightest, including ensuring compensation is competitive and top performers know there's a career path available to them with the company."
To retain top talent, Robert Half recommends that employers maintain an open-door policy that makes employees feel comfortable expressing their thoughts. An employer should promote internal candidates because it can discourage employees when growth opportunities are not an option.
Robert Half also believes employers should offer competitive compensation that is at or slightly above market rates. Recognizing great work is another factor that helps with retention as well as offering professional development opportunities.
Often, employers believe counteroffers help with retention, but McDonald believes employers should instead focus on improving those areas that lead to turnover.
"Counteroffers rarely fix the underlying reasons a professional decides to leave the company, such as a lack of challenge or a desire for advancement," McDonald says. "An employee's resignation can be used by the organization as an opportunity to make improvements benefiting its remaining staff."