Study: Pay is top reason key employees quit
As the economy begins to improve, employers across the board are finding it more difficult to retain key talent — employees who are the strongest performers, have high potential or are in critical jobs. That’s among the findings revealed by a survey of primarily U.S.-based mid-level to senior-level rewards professionals, as reported in Retention of Key Talent and the Role of Rewards, a report published in June 2012 by WorldatWork, an association of total rewards professionals. The survey was a collaboration by WorldatWork, pay consultancy Hay Group and Dow Scott, Ph.D., professor of human resources at Loyola University Chicago.
A majority of respondents (83%) thought that failure to retain key talent is “very costly,” and two out of three agreed that retention of key talent is a major concern of senior management, the study revealed.
Survey participants reported that the top reason key talent quits is to get more pay elsewhere. Other reasons include a lack of promotional opportunities, the perception that pay is unfair, and dissatisfaction with job and work responsibilities.
“Talent wars are going to become intense, not just this year but for at least a decade, because jobs are becoming more complex and demanding, Baby Boomers are retiring and Generation X has far fewer people who can fill this gap, and other countries are retaining their most talented people with great job opportunities of their own,” Scott said.
Tom McMullen, North America reward practice leader for Hay Group, added, “Top talent can easily compare the deal or pay package they get from their employer with other organizations through Salary.com, Vault.com and O’net.gov, etc. If a company is to survive and hopefully thrive in the next decade, it must learn how to recruit, develop and retain key talent.”
Effective and ineffective efforts
According to respondents, the most effective methods for retaining key talent are:
• Identifying key employees and discussing with them their future opportunities with the organization.
• Paying key employees above the labor market.
• Allowing flexible hours or telecommuting.
The least effective employee retention methods are:
• Providing tuition reimbursement and other educational opportunities.
• Providing pay communications, including total compensation statements.
• Assigning mentors for key employees.
“Rewards professionals are under increased pressure to make counteroffers, increase new-hire offers and offer special deals to retain key employees,” said Kerry Chou, practice leader at WorldatWork. “The most successful organizations moving forward will be those that develop a clear definition of what is considered key talent, identify them and make a concerted effort to ensure that those employees are satisfied with the rewards system.”
Respondents represented publicly traded companies (47%), privately held companies (26%) and public-sector and not-for-profit organizations (26%). Survey responses were gathered from Dec. 15, 2011, to Jan. 15, 2012.
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General Tools unveils an advanced moisture meter
The new Non-Penetrating LCD Moisture Meter with Tricolor Bar Graph from General Tools & Instruments offers professionals and DIYers a powerful and affordable tool, according to the New York City-based manufacturer.
The MMD7NP measures the moisture content of hardwood, softwood, drywall, masonry or concrete. It can also detect moisture below the surface of carpets and subflooring; and locating water leaks above ceilings, below floors or behind walls.
Two buttons on the front of the MMD7NP offer a way to switch the measurement mode to match the material (i.e., hardwood, softwood, drywall or masonry).
The name of the selected material appears on the 2-in. backlit LCD along with the moisture level reading as a percentage. Below the LCD, a bank of colored LEDs roughly mirrors the digital reading in bar graph format, with green indicating “dry,” red indicating “wet” and yellow indicating an intermediate moisture level. An audible out-of-range alarm sounds whenever wood is found to have a moisture content above 18% WME (above 70% for drywall and masonry).
Moen global design team gets new leader
Faucet manufacturer Moen Inc. has announced the promotion of Ji Kim to director of global design, effective immediately. In her new role, Kim will be responsible for providing design leadership and vision for the global design team at Moen. She will set and drive strategy for product design in several countries for categories including faucets, showerheads, accessories and bath safety items.
“Since Ji joined our design team in 2004, she has made significant contributions to our global product designs, showrooms and overall design strategy,” said Michael Pickett, VP global strategic development, Moen. “Ji has proven her strength as both a designer and a leader – she is well positioned to take on this new and challenging role.”
Prior to her new position, Kim served as the industrial design manager at Moen. In this role, she served as a strategic partner to the U.S. retail business group, leading industrial design efforts for customers including The Home Depot, Lowe’s, and Menards, among others.
Before her career at Moen, Kim worked as an industrial designer at Evo Design, a Connecticut-based, creative industrial design firm. Her clients included a wide range of companies such as Nike, Kodak, Samsonite, Safety First, and Schick. Prior to her role at Evo, Kim was a footwear designer at Titleist and FootJoy, where she managed all aspects of golf shoe design – from concept to market.