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Employee retention in the new economy

Deloitte recently released the results of a new survey, Talent Edge 2020: Building the Recovery Together—What Talent Expects and How Leaders Are Responding, which looked at employee retention in the new economy. The ugly truth? Sixty-five percent of employees surveyed are actively looking for jobs. The silver lining? Dissatisfied employees are transparent about the leading causes of turnover and the retention strategies that could be implemented to retain them.

According to respondents, the top three retention incentives are:

  • Promotion/job advancement (53 percent)

  • Increased compensation (39 percent)

  • Other financial incentives (34 percent)

  • Boosting employee support and recognition from managers (30 percent)

So here's what you should take away from this survey: Money is not the most important thing to a majority of workers in the nation. Also, with employee support and recognition nipping at compensation's heels, non-financial retention tactics seem to be pulling into the lead.

As more Generation Y workers join the workforce and more baby boomers retire, there has been a paradigm shift in the workplace. Generation Y is motivated more by opportunity, recognition, and flexibility than any other generation. While pay increases are never a negative, these other methods are zero cost ways to keep your staff productive, happy, and retained.

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