The best and the brightest are always in demand. So when executive search firms come calling on your star performers, it will take more than a fair industry wage to keep them on board.
Management Recruiters International Inc., the world’s largest search and recruitment organization and subsidiary of CDI Corp. (NYSE: CDI), a staffing and outsourcing leader, makes it their business to know what keeps employees on the job. The Cleveland-based company with 1,100 offices worldwide conducted a survey of more than 4,600 executives across the nation. The results indicate many company leaders use a bevy of retention tools to keep key employees satisfied.
* 82 percent offer performance based bonuses
* 70 percent use recognition programs
* 68 percent offer tuition reimbursement programs
* 41 percent use parking and fitness subsidies as a perk
* 16 percent offer day care assistance
“Today’s economic climate requires employers to take a thoughtful approach to how they retain and get the most out of their key employees,” says Allen Salikof, president and CEO of MRI.
In the early 1900s, Abraham Maslow theorized on the hierarchy of needs. He recognized that once a person’s basic needs are met, the need is no longer a motivator. That truth remains evident today as money may be used to attract candidates, but it is not enough to keep them in place.
With the job market softening, companies are forced to make hard staffing decisions that often result in downsizing. At the same time, company leaders are challenged to keep their best staff members productive and focused.
Salikof says, “Employee retention can be improved if employers create a work environment that rewards performance, creativity and initiative and, most importantly, create opportunities for employees to advance and to be given more challenging responsibilities.”
“With tightening workforces, top employees are being asked to pick up the slack for departed colleagues and, thus, are taking on even more work and responsibility,” says Salikof.
Last year, MRI placed more than 45,000 people jobs and CDI placed 100,000 people into temporary assignments and had more than $1.7 billion in revenue. Where the placement firm’s job ends, the H.R. manager’s job begins.
How to reach: Management Recruiters International Inc., (216) 696-1122.