News: Performance Management
'Companies invest in employee retention'
22 April 2008
Despite economic uncertainty following the credit crunch, 38 per cent of companies have made changes to employee retention programmes, a study has found.
The research by global management consultancy Hay Group discovered that while 30 per cent of organisations are considering freezing salaries - or have done so already - efforts are being made to engage with key employees, reports trainingzone.co.uk.
"An analysis of the forecast for next quarter, coupled with the impact of this report, could be the catalyst for much more serious economic measures," said Tom McMullen, vice president at Hay Group.
Meanwhile, a poll by US research company Vantage recently found that despite a rise in living costs following the credit crunch, employees value good relationships with their managers above increases to their pay packets.
Management Issues reports that staff feel that being thanked for their work and being part of open and honest communication with managers are most important to them.
