Struggling to Hire and Retain Talent

Source: Journal of Accountancy

In this article, Jack Hagel describes the challenges involved in finding and keeping talented employees. Hagel cites surveys from PwC and Deloitte that indicate significant or growing numbers of companies that are facing this difficulty or anticipate facing it.

With improvements in the world economy, companies will look to increase their hiring, and competition for qualified staff will only become more intense. According to a survey by WorldatWork, more than half of upper-level leaders are concerned with the future and how they will hold onto the talent they manage to find.

As the economy has struggled, employees have had to deal with more difficult workloads due to layoffs or with a decrease in retirement benefits. Employees definitely welcome more pay as an incentive to stay in their jobs, but the WorldatWork survey indicates that increased flexibility in scheduling or even discussions about potential opportunities can make a difference as well.

According to a KPMG survey, an increasing number of companies are expanding benefit coverage to opposite-gender and same-sex domestic partners in an effort to hold on to talented employees.

The AICPA and the Chartered Institute of Management Accountants (CIMA) have developed tools (COLT and CORT) that companies can use to measure the cost of losing and replacing talent.

For the complete article, read “Talent: A battle on two fronts.”

From Journal of Accountancy, September 2012, American Institute of Certified Public Accountants, http://www.journalofaccountancy.com/Issues/2012/Sep.