How to keep your top workers from jumping ship
LET YOUR employees work at their own pace and time.
The reason: Flexible work scheduling is the best way to keep and attract quality workers, judging from findings in a new survey of company CEOs.
The survey was conducted by accounting and advisory firm Marcum LLP in conjunction with the Frank G. Zarb School of Business at Hofstra University in New York.
The survey underscored the new reality that in today's world most workers no longer want to be tied to strict business hours. If they are, they will be highly tempted to leave a company and find work elsewhere that allows them such flexibility.
Among the reasons is that in many of today’s high-pressure jobs, regular breaks to refresh are important. Without them, workers become less efficient. A worker can find that under constant pressure for hours they take as long as an hour to finish a task whereas on returning from a break or working at a different time of day they can complete the task in just 15 minutes.
Another reason is that people differ in the times they are most productive. Some work best in the morning hours; others work best in the evening hours.
The focus, therefore, should fall on workers to set their own working times to complete a task most effectively and most accurately.
Studies have shown that allowing employees more flexibility makes workers more productive.
The survey also finds that those employers who allow flexibility find that factor to be more important when it comes to retaining workers than in attracting new employees.
Second key
A close second key to keeping workers, according to the survey, is to provide opportunities for advancement in your company. If they cannot climb the ladder in your company they will be tempted to go elsewhere to do so.
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The survey found that two-thirds of companies are able to fill most or all open positions within their companies using such strategies.
Other successful strategies include:
- Providing good pay and benefits;
- Allowing employees to work from home;
- A nurturing workplace environment; and
- Assurances of “meaningful” work.
"Given the current job market, where demand for skilled professionals is super high and talent is scarce, companies are really struggling to fill important positions," says Brian Lucas, CEO of Marcum Search, the executive recruiting and staffing affiliate of Marcum LLP.
"Our latest survey shows that offering flexible work arrangements, defined opportunities for advancement, and creative compensation packages are key to drawing in and retaining top talent."
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The survey also reports that CEOs have become more optimistic about the business environment. So much so that almost 14% of CEOs are “very positive.”
Those business leaders most positive are in the construction, healthcare and professional services. Manufacturing, however, saw a decline.
Major concern
Economic slowdown is a major concern about the future, being cited by 54% of respondents. Other concerns are political uncertainty, interest rates, labor shortages, and rising energy costs.
Summarizing the survey, Janet Lenaghan, dean of the Frank G. Zarb School of Business at Hofstra University, says: “The emphasis on flexible work schedules, advancement opportunities, and enhanced compensation speaks to the shifting priorities within the corporate world, and it's imperative that we prepare our students to lead with innovation and resilience."