Companies Getting Lucky? Workers Happy but Few Employers Have Retention Strategies
Hudson Survey Finds Most Managers Unaware of Retention Plans
NEW YORK, NY – October 17, 2007 – Three-quarters (75 percent) of managers said they are not aware of a formal employee retention strategy at their company, according to a new survey by Hudson (NASDAQ: HHGP), a leading provider of permanent recruitment, contract professionals and talent management services worldwide.
More than half (56 percent) of the work force believes that it would be at least somewhat easy to find another job right now and 32 percent have been contacted by a recruiter or hiring manager about a job opening within the past year.
“If pay is their only defense against turnover, employers are going to exhaust their compensation budgets quickly,” said Robert Morgan, president of Talent Solutions, Hudson. “Finding good talent is going to be a problem across the board in the coming years. Companies are kidding themselves if they think that they will be able to hold onto their staff without thinking about the overall work experience.”
Nonetheless, most workers (72 percent) would recommend their company as a good place to work. This is up from 62 percent when this question was asked two years ago. Employees are also more inclined today to see top performers stay with the organization rather than leave for better opportunities elsewhere (59 percent this year compared to 40 percent in 2005).
Additionally, nearly two-thirds of workers (64 percent) feel that their company values them as employees. That figure climbs to 72 percent for individuals with managerial duties, but drops to 56 percent for non-managers.
One group of respondents that stood out was workers at companies with 251-500 employees. This segment was significantly less likely to recommend their firm as a good place to work, less inclined to say their employer makes an effort to keep the staff happy, and more apt to see turnover as a problem than others. Unsurprisingly, a larger proportion of this group also indicated they were seeking a new job than the rest of the work force.
About the Survey
This Hudson survey is based on a national poll of 2,000 U.S. workers conducted September 8 - 9, 2007 and was compiled by Rasmussen Reports, LLC, an independent research firm (www.RasmussenReports.com). The margin of sampling error for a survey based on this number of interviews is approximately +/-2.2 percent with a 95 percent level of confidence.
Hudson, a leading provider of permanent recruitment, contract professionals and talent management services worldwide, also publishes the Hudson Employment IndexSM, a monthly measure of the U.S. work force’s confidence in the employment market. The next Hudson Employment Index will be released on October 31.
Hudson (NASDAQ: HHGP) is a leading provider of permanent recruitment, contract professionals and talent management services worldwide. From single placements to total outsourced solutions, Hudson helps clients achieve greater organizational performance by assessing, recruiting, developing and engaging the best and brightest people for their businesses. The company employs more than 3,600 professionals serving clients and candidates in more than 20 countries. More information is available at www.hudson.com.