Employers who want to retain top talent over the next 12 months had better be willing to pay up – at least that’s what the results of the annual Employment Dynamics and Growth Expectations (EDGE) Report indicate.
Released today, the report, conducted by CareerBuilder and Robert Half International, provides an overview of the current employment situation, as well as a glimpse of the future hiring landscape. More than 500 hiring managers and 500 workers nationwide participated in the study, now in its fifth year.
Looking at the results of the report, it looks like employers are going to have to pull out all the financial stops to retain their high performers as the economy turns around: Fifty-five percent of workers plan to make career changes, look for new jobs or go back to school after the economy improves. And nearly half (49 percent) of employees said that the most effective way to keep them on board will be pay increases. In fact, 28 percent plan to ask for a raise.
Another 20 percent of employees said they hope for better benefits and perks – mostly in the way of technology upgrades, tuition reimbursement and subsidized training – once the economy turns around.
Not least of all, employers have to consider the impact of the recession on its workforce when looking at retention strategies. “As businesses look to the future, they also have to consider how tough decisions made during the financial crisis have impacted job satisfaction and loyalty of their current staff members,” said Matt Ferguson, CEO of CareerBuilder, in today’s press release.
These are only a few of the many key findings in the report: I encourage you to read the full press release here or download the full 2009 EDGE report here. Also, be sure to watch this video of Matt Ferguson on CNBC’s Squawk on the Street as he discusses the findings and what it means for the job market.Related