Quickread – 7 Things You Can Do to Prepare for the Resume Tsunami

As the number of job opportunities increases in line with the rebounding economy, voluntary turnover goes up in tandem.  In a 2009 Towers Perrin survey of 668,000 employees, 29% expressed interest in leaving their employers when the economy improves.  Researchers at Deloitte coined the term “resume tsunami” for the coming surge of employees who have grown dissatisfied with their jobs during a recession and will look to leave when more opportunities arise.  The costs of turnover are amplified when top performers walk, and because your stars are the ones who can thrive anywhere, they are your biggest retention risk.

Here are some steps organizations can take to improve employee satisfaction and reduce turnover risk:

1. 1. Hold managers accountable for retention.  People tend to quit bosses, not organizations, so make retention part of a manager’s job description and performance evaluation.
   2. Communicate better.  Find out what matters most to your employees.  Ask about obstacles that prevent good performance.  Share information to project an image of transparency and build trust.
   3. Provide development opportunities.  Perceived lack of upward mobility is usually a stronger cause of employee dissatisfaction than compensation.  Keep career track in mind and ask employees what they want to learn.
   4. Offer challenging and meaningful work.  Show how employees’ efforts fit into the bigger picture and help the organization achieve its objectives.  Allow employees the autonomy to problem solve on their own and grow professionally.
   5. Praise employees for a job well done.  Consistent feedback and praise are by far the simplest and most inexpensive way to improve employee satisfaction.
   6. Consider non-monetary perks.  Money is less of a catalyst for voluntary turnover than many managers think.  Personal recognition in front of peers tends to boost employee satisfaction and creative perks such as flex-time and telecommuting arrangements can be key motivators for retention.
   7. Focus on gender balance.  A recent London Business School study showed that productivity is higher on work teams with a 50/50 male/female split, and a McKinsey & Company study showed that companies with more women in high-level roles tended to outperform their competitors.  Emphasize retention and development of high-performing women.