A large majority of companies in the United States and around the world are struggling to attract and retain top-performing and critical-skill workers, according to a new study by Watson Wyatt Worldwide, a leading global consulting firm, and WorldatWork, an international association of human resource professionals. Furthermore, many employers do not fully understand why workers join or leave an organization, an obstacle that greatly increases the challenge of finding and keeping good employees.
Two of three companies worldwide report difficulty attracting top-performing workers, while a full 70 percent have difficulty attracting critical-skill employees, according to the 2007/2008 Global Strategic Rewards® study. These trends show remarkably little variance around the world. In addition, more than half of companies report difficulty retaining top-performing (52 percent) and critical-skill (56 percent) workers. The United States has the highest median voluntary turnover rate, at 11 percent, while Latin America has the lowest, at 5 percent. The study results are based on a survey of 946 companies and a complementary survey of 13,000 employees.
“Attracting and retaining the right employees is a challenge for employers globally,” said Laura Sejen, global director of Strategic Rewards for Watson Wyatt. “Employers that are best at building and maintaining the right work force are often the best at aligning workers’ rewards with the company’s goals. Their performance management programs clearly communicate what workers need to do to get ahead and to improve company performance. This builds a sense of teamwork that makes it easier to retain employees, as well as attract high-potential newcomers.”
See full Press Release.
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