Met Life recently posted its 9th Annual Study of Employee Benefit Trends, and smart employers will take heed of its constructive message: Despite the bad economy and unemployment rates, your employees are not as satisfied and don’t feel as much loyalty as you think. This could cause your company major setbacks in talent retention and productivity.
Here’s what Met life had to say:
This year’s findings reveal a workforce that has grown more dissatisfied and disloyal, to the point where one in three employees hopes to be working elsewhere in the next twelve months. Yet employers do not appear to be tuned in to this potential flight risk. Focused on the challenging business environment, employers remain confident of strong levels of employee job satisfaction and loyalty. A loyal and satisfied workforce is part of the foundation of business growth. Widening cracks in this foundation may force employers to pay a price in reduced retention and productivity when the job market improves.
Some employers mistakenly think that because unemployment is high and the economy is still trying to recover, that all workers are simply thankful to have a job. This is a problematic assumption for any business that wants to retain it’s best talent, says hireVision President and CEO Tina Hamilton. “When companies think that their employees are crazy to consider leaving—because of the economy or because of just plain hubris—they are ignoring a basic, recession-proof fact of hiring: There are only so many strong candidates available, and everybody wants them. That includes the ones that work for you.”
The take home message here is that exceptional employees will always be challenging to find. The current recession does not change to this fact. More importantly, exceptional employees are valuable and smart employers will make sure that their most valuable workers have reason to be loyal by addressing their needs and keeping them satisfied with their job and their company.
hireVision can help you with the pre-hire process so that you can find and retain the best talent in a way that makes sense to your bottom line. Contact us today for a frank discussion about your human resources needs.
Tags: employee loyalty, Employee Relations, employee retention, employee satisfaction, hireVision, ineffective leadership, job satisfaction, Met Life, recession, talent retention, Tina Hamilton, USA Today