New York: As the economy is showing signs of recovery, majority of American companies are turning their focus to attract and retain top talent, says a latest survey.
According to the survey of 201 US employers by HR consulting Watson Wyatt, about 65 percent of them are more concerned about the retention of critical-skill and top-performing employees than they were before the economic crisis hit.
Looking ahead three to five years, half (50 percent) of the employers expect an increase in difficulty in attracting critical-skill employees, and 55 percent expect an increase in difficulty in retaining critical-skill employees.
The survey revealed that 44 percent of employers have encouraged managers to make greater use of recognition plans. However, only 8 percent of these employers have seen managers actually increase their use of these plans to a significant or great extent.
"In this environment, it is no wonder that employers remain concerned about retaining their top talent. However, recognition programmes and other plans that keep these employees engaged and motivated can create a key competitive advantage," Watson Wyatt Strategic Rewards Leader(US) Laurie Bienstock said.
According to the US Bureau of Economic Analysis, the US climbed out of recession as it grew by 3.5 percent in the third quarter ending September 30.
Besides, many companies that froze salaries and hiring in the past year are planning to lift them.
The report found that 54 percent of the employers who have frozen salaries plan to unfreeze them within the next six months. While, 49 percent of the employers who have ceased hiring plans to hire more within six months.
"The general economic picture right now is definitely brighter than it was just a few months ago," Watson Wyatt Strategic Rewards Global Director Laura Sejen said.
"However, the recovery is uneven and most employers aren't fully convinced that the improvements they've seen are here to stay. While, many plan to hire workers over the next few months, they remain concerned about their ability to attract and retain the right people," Sejen added.
Almost all companies (96 percent) have made offers to new hires in the past three months, and the vast majority (93 percent) anticipate making offers in the next three months.
However, about one-fifth still anticipate making layoffs in the remainder of 2009 or in 2010.
The companies who are expecting to make offers to new hires, 83 percent would recruit professional, non-managerial staff, followed by 71 percent for director, manager or middle management positions. Only 47 percent would be hiring for senior management or executive level positions.
Bureau Report