Trouble with Turnover Employer Concerns About Retention Increased by 200% [Infographic] - Workology

Trouble with Turnover Employer Concerns About Retention Increased by 200% [Infographic] Employment Retention Strategies That Stick Dont forget to download PayScales 2013 Compensation Best Practices Report.  Its worth a read.  Click here.   Demystifying Employee Compensation If theres one thing thats hard in the world of HR and human capital, its compensation. Things like pay bands, raises and determining an employees hourly wage feel alot like banging your head up against a brick wall. No ones ever happy especially the employee.  Dont get me started on the manager who wont approve a 3% merit increase  across  the board especially when your staff are dropping like flies to the new salary and perks offered by the competition. This alone is one of the reasons myself or my staff regularly apply and interview for a job with industry or job competitors to help stop the bleeding. Doing so helps me plan my benefit communication and overall retention strategy especially when it comes to my most important and linchpin employees.  And thats all well and good except when the competition ends up stealing away one of your personal employment shopper employees.  And I mean my HR Generalist who I sent in to do a little interview and hiring recon for me. Four weeks later she was handing in her own resignation to join the enemy. Even so, this strategy proved me well more times than not and was  one of my essential  rogue recruiting  tactics I swore by even still today. Employment Retention Strategies That Stick PayScale breaks down some amazing statistics in their 2013  Compensation  Best Practices report that is available for free download by clicking here. Because the best offense is a good defense and that means arming yourself with knowledge about industry trends and location compensation best practices. But first, their inforgraphic which is included below really speaks to me. Of course, I break down the trends for you in the bulleted section below. Retention is a common area of contention with hiring managers and companies with 59% of them admitting that the mere idea of retention and how to keep employees employed and engaged at their company is keeping them up at night. And this number is triple from 20% in 2010.   Weve probably heard about the skills gap at one time or another this year. Its the new buzz word in human capital in 2013. While 67% of companies are having a hard time filling positions because of specific skills related to the job, industries like oil and gas or construction are the top industries most impacted. While skills and training are important factors in tackling the skills gap, seems like money talks as the top solution to retain your employees with 85% of companies planning on giving merit increases to staff in 2013. I like this trend especially since the  compensation  train didnt leave the station from 2008-2012 it seemed. I just hope that employers realize while money matters, learning opportunities and promotions are nearly as important to the employee.