A recent survey by AON found the top ten biggest threats to business are as follows:
1. Economic slowdown
2. Regulatory/legislative changes
3. Increasing competition
4. Damage to reputation/brand
5. Business interruption
6. Failure to innovate/meet customer needs
7. Failure to attract or retain top talent
8. Commodity price risk
9. Technology failure/system failure
10. Cash flow/liquidity risk
Source: Aon Corporation
I love the failure to attract or retain top talent song as I have been singing that song for years now. In 2009, this was number 10 and it is moving up the charts to number seven this year. I continue to see numbers that indicate anywhere from a quarter to half of employees are going to be looking for a job this year. There was also an article in USA Today last month that indicated employee loyalty is at a three year low.
This is also significant when failure to innovate/meet customer needs made the top 10 list for the first time ever. So failure to keep top talent is becoming an increasing problem and failure to meet customer needs is an increasing problem. It seems to me that these two issues are probably going hand in hand, if you can't find talent, it will be come increasingly difficult to meet customer needs. However, I continue to see companies that assume they are exempt to these issues. Now there are some very good companies, doing some great things to keep employees, unfortunately these companies are few and far between.
There are a number of new and exciting things companies are doing to keep their top talent. Below are a few links to some blogs where these ideas are shared:
The worst thing you can do right now is do nothing and hope this storm passes over you. I know a company that is working on retention for a certain segment of employees. While I don't feel they are working on the areas that will have the greatest impact on retention, but at least they are trying. I talked to a few employees in this segment and they said they appreciated they effort, they wished they were working on a few other issues, but they did appreciate that the company was at least trying. My challenge for you today is do something, anything, today that will impact employee loyalty at your company.