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Retention Interviews

In a recent report from Keeping The People, an American consulting firm aimed at helping organizations engage and retain talent, respondents were asked if they thought it would be more difficult to retain employees once the economy recovers. A remarkable 88% answered “yes”. The same report found that employee engagement has declined 3 to 5% since the beginning of the downturn. One reason for the drop in engagement is simply that employees feel stuck. Over the past couple of years they’ve enjoyed being part of the first seller’s job market (fewer job seekers than jobs) in 40 years. Now they’re experiencing a temporary buyer’s market; more people are looking for work than there are jobs for them to fill. But this is temporary. When the economy recovers, the seller’s job market will return. According to the U.S. Bureau of Labor Statistics, today’s students can expect to have 14 different jobs by the time they reach the age of 38. They’re accustomed to mobility, and they expect it to continue. What can employers do to keep their key employees when the job market opens up again? One recommendation that doesn’t consume much time or money are retention interviews.

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Dr. Tim Rutledge