A recent study released by Deloitte identifies attracting and retaining top talent as a major cause for concern heading into the new economy. Deloitte just released the 2013 Top Five Global Employer Rewards Priorities Survey and found that roughly 25 percent of the two major human resources professionals organizations (the International Society of Certified Benefits Specialists and the International Foundation of Employee Benefits Plans) identified finding and keeping top talent as a high priority.
The issue isn’t limited, either. These concerns are felt all over the globe, with 24 percent of human resources departments in the Americas, 28 percent in the EMEA and 24 percent in Asia-Pacifica listing it as a high priority. The other top concerns for these HR pros are:
- Aligning rewards strategies with the overall business strategy
- Motivating employees without the funds for pay raises
- Covering the costs of benefits
- Getting a good return on investments in rewards plans
The challenge is to recruit, motivate, and retain the top people in any given field of expertise without the financial strength afforded most businesses before the global economic recession hit. The news isn’t all bad, however, as these top pros aren’t solely motivated by financial gain. According to experts, there are several ways to keep top talent content without salary increases or gigantic bonuses:
- Offer them growth potential, both within their current job and within the company as a whole.
- Give them a larger role within the organization: Involve them in more areas of the business and get them excited about the future by involving them in training efforts.
- Challenge them: Talented individuals aren’t satisfied when they’re in a position they’ve mastered because it becomes boring and unsatisfying.
- Place them carefully within the company: Make sure the people around them aren’t hindering their happiness with jealousy or personality conflicts.
Doing business in a tight global economy isn’t impossible; it just requires some savvy planning and forward thinking.