Honesty and Communication Key to Retaining Employees, Study Finds
| 27 | Jul 2010 |
Staying honest and open with your employees will become increasingly important as the economy starts to improve. That’s because more than a third of recently-surveyed employees plan to look for a new job when the recession ends – mainly because they don’t trust their employers.
Of those who plan to look for a new job, 48 percent cite loss of trust in their employer as the reason. Another 46 percent say lack of transparent communication from company leadership is the primary reason for pursuing new employment at the end of the recession, according to Deloitte's fourth annual "Ethics & Workplace Survey."
"Business leaders must be mindful of the importance of both talent management and retention strategies, as well as the bottom line impact," said Sharon Allen, Deloitte LLP chairwoman. "By focusing on these two areas executives may be able to reduce attrition. It could also allow them to mitigate the expenses associated with the hiring and on-boarding process and ensure that tacit knowledge remains within their organizations. Establishing and reinforcing a values-based culture can ultimately help to cultivate employee trust."
One of the things employers can do is continue to support their need for work-life balance, the survey found.