By all accounts, the economy has slowed down across the globe and no one really know when it will pick up again. Business leaders today are expected to hit better earnings, quarter by quarter and keep shareholders happy by keeping the share price steady or going north. Most business leaders are consumed by concerns involving productivity and growth, natural resources, labor markets, the evolution of global financial markets, the economic impact of technology and innovation and urbanization. They’re also gearing up to cater to global consumers in a new era of global competition. In all this, they’d better not ignore the needs of their workers.
According to predictions, the overall rate of return on investments is set to drop in the coming years, affecting employers both big and small. This could put even more pressure on leadership teams that are already struggling hard to balance their talent needs with the talent availability in the job market. The time is now for these leaders to realize the effect these economic conditions are bound to have on their workers and their retirement plans. Businesses need to ignore the expectations set by past experiences and performances – and forge a new future for themselves and their teams based on the new economic conditions.
There are new economic situations that true leaders must consider for their employees if they want to keep top talent:
Businesses may find that their ability to retain talent hinges on the value they offer to their workers. Nothing qualifies more than work hours and retirement plans, even for the younger crowds, to achieve this goal. Most people have little or no time and mental energy to research retirement investment options or portfolio allocations.
To engage their employees and to ensure that their workers prepare to face the financial conditions of today’s economy, employers could help them plan their retirement better and advise them to stop investing in plans that offer diminishing returns. Not only will this approach help workers prepare better for the new economic realities and their future survival – but it will also help savvy employers become immune to the pressures in finding, engaging and retaining workers with in-demand skills even in the face of stiff competition.
While balancing the needs of the business with the needs of employees can feel like walking on a tight rope, it’s something that must be faced head-on to stay competitive in these changing times.
What is your company doing financially to retain top talent?
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