Unemployment 7.7% – Retention Beginning to Matter Again

In February 2013, the Unemployment Rate fell to 7.7% with
12 million people unemployed. January 2009 was the last
time we saw the unemployment rate that low.

For those of you who remember the summer of 2008 when
unemployment averaged 5.8% and before the seriousness of
the financial crisis hit, trying to recruit good
candidates was almost impossible. It seemed like either
the seriously unemployable or those looking to sell
themselves to the highest bidder were the only ones
applying for open positions.

Well it’s not quite the summer of 2008 again, but
employers are beginning to open up job opportunities and
organizations that may have relied on a tough economy to
retain good people may find that it will take longer to
fill open positions with a few more down tics of the
Unemployment Rate.

HR POINTER: Now is the time to start thinking about
tweaking compensation and recognition programs and the
reasons are:

#1 The employees who have worked consistently during the
Great Recession are the ones who are the most sought after
by aggressive employers and headhunters.

#2 Among the A-players in companies throughout the U.S., a
survey by the Corporate Executive Board (CEB) notes that
1 in 4 of these people is looking for a new position.
Among the B-players, the survey shows that only 1 in 10
people would consider leaving.

#3 The CEB survey also shows that 3 out of 4 people who
exit a company tell others via social media websites and
other sources that they would not recommend the company
they just left. As such from an employment branding
perspective, the image of a company as a good place to
work can be seriously damaged by exiting employees.

The Unemployment Rate is dropping and the Stock Market is
rising. Now is the time to be proactive with your
workforce and build an employment infrastructure that will
retain the workforce that got you through the Great
Recession.

For some ideas on recognizing and retaining great
employees, click on the link below:
http://www.yourparttimehrmanager.com/recognition-program/

 

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