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As the 21st Century unfolds, major changes are beginning to occur in today's workplace. A growing awareness of unavoidable demographics is creating a greater urgency for HR professionals everywhere to focus more attention and energy on retaining talented employees and keeping them actively engaged in their work. New strategies are emerging that go well beyond traditional solutions, holding much promise in the effort to keep and engage well-performing employees.
Employee retention is king. And employee engagement is not far behind. CEOs of the nation's fastest growing companies overwhelmingly cite retention of key workers as the most critical factor to plan for in the next year ahead (PricewaterhouseCoopers, 2004). Similarly, the number one priority on the HR agenda is still to attract and retain key talent (Towers Perrin, 2004). Or, said differently, among all the factors that could influence the effectiveness of organizations in the future, the foremost driver is talent (Buckingham & Vosburgh, 2001).
What about the jobless recovery? It may not be here much longer. Research from Manpower shows that, at least in the short term, job growth is anticipated in 18 of 19 surveyed countries (Manpower, 2004). In the United States, while job-creation remains below expectations partly as a result of continued layoffs, the economy added approximately 1.03 million jobs in the first half of 2004. (U.S. Bureau of Labor Statistics, 2004b)
The issue of the jobless recovery is minor, compared to what is about to come. Take this statement (Webber, 2004) from Alan Webber, founding editor of Fast Company magazine:
This beneath-the-surface issue isn't jobs. It's work. Specifically, it's the growing recognition by workers that corporate leaders have so abused them during the recent recession, that when a job-producing recovery really kicks in, as appears to be happening, companies will suffer a tsunami-like wave of employee defection. The disruption will be enormous; the costs astronomical. And the signs are already there that foreshadow just how serious the problem could become.
This is echoed by the national (U.S.) 2003 Spherion Emerging Workforce Study: "Our study reveals ...workforce that is poised to walk out on employers at the first opportunity." The problem is about to become world-wide, if it hasn't already. India, for example, which has garnered considerable attention in recent years as a...