Survey: Promoting Top Performers, Raising Salaries Most Popular Retention Tools
MENLO PARK, CA, March 16, 2010 -- Most executives (76 percent) are willing to sweeten the pot to avoid losing their best employees when economic conditions improve, suggests a new Accountemps survey. Half of chief financial officers (CFOs) interviewed said they plan to promote top performers once the economy recovers, and 48 percent plan to give raises.
The survey was developed by Accountemps, the world's first and largest specialized staffing service for temporary accounting, finance and bookkeeping professionals. It was conducted by an independent research firm and includes responses from more than 1,400 CFOs from a stratified random sample of U.S. companies with 20 or more employees.
CFOs were asked, "Which of the following steps are you taking or do you plan to take to retain your employees as the economy improves?" Their responses*:
Promoting top performers
Increasing investment in professional development
Reinstating or increasing bonuses
*Multiple responses allowed; a total of 76 percent of respondents chose at least one step
"Indispensable workers who helped businesses stay afloat during tough times will have new career options as conditions improve," said Max Messmer, chairman of Accountemps and author of Motivating Employees For Dummies®, 2nd Edition (John Wiley & Sons, Inc.). "Employers need to make retention of top performers a high priority or risk losing these key players and, possibly, their competitive advantage."
Now is the time to re-recruit your standout employees, explained Messmer. "Let your top performers know they have a clear career path within the organization and re-evaluate compensation levels to make sure they're in line with what other firms in your industry are paying for similar positions."
About the Survey
The national study was developed by Accountemps, a division of Robert Half International and the world's first and largest specialized staffing service for temporary accounting, finance and bookkeeping professionals. It was conducted by an independent research firm and is based on more than 1,400 telephone interviews with CFOs from a random sample of U.S. companies with 20 or more employees. For the study to be statistically representative and ensure that companies from all segments are represented, the sample was stratified by geographic region and company size (by number of employees). The results were then weighted to reflect the proper proportions of company size within each region.