Two out of five employees in Irish and UK companies are actively considering leaving their current employer within the next 12 months, according to new research from the consulting firm, Watson Wyatt.
The organisation’s ‘Total Reward Survey 2004’, which included a number of leading Irish employers, found the main reasons given by employees for looking to move company include a lack of career development and promotion prospects, a poor working relationship with their manager and a lack of opportunity to be creative.
According to Raymond McKenna, head of total reward consulting at
Watson Wyatt in Ireland, the findings indicates that there may be more value in companies focusing their efforts on ensuring employees do not feel the need to look elsewhere.
‘The perceived skills shortages – rather than labour shortages – of tomorrow will bring an interesting challenge for employers,’ said McKenna. ‘Perhaps the first step is to identify those employees who are critical to the business going forward – which is not necessarily those currently performing well. The second challenge is gaining a better understanding of their needs and what they value. As our
survey shows, the retention of these individuals goes beyond the provision of traditional rewards and more and more innovative approaches will be required to recruit and retain these key individuals going forward’.
The survey, which combined the views of over 220 large Irish and UK private sector managers and nearly 3,000 of their employees, found that almost 80 per cent of bosses in future intend to take a more holistic approach to managing their rewards programmes.
www.watsonwyatt.com
20/12/04
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