Benefits 101: What Do Today's Recruits Want?
When contemplating hiring and retention of employees, "people issues" are more important than they were in 1998, according to 80 percent of business leaders interviewed in a study performed by Accenture.
Companies that struggle with retention tend to be those that ignore issues such as flexible work schedules, job sharing, telecommuting, short-term assignments, and mentoring programs. Traditional incentives such as bonuses, salary increases, and stock options still prevail in the workplace, but the newer people issues are beginning to take hold as "click-and-mortar" and "clicks" (Internet-only companies) are competing for employees and offering more innovative benefits.
Accenture polled 483 senior executives from eight countries about what they need to recruit and retain workers.
Nearly 70 percent of executives who participated in the study said that retaining existing workers is "far more important than acquiring new blood." Studies performed by the human resources Internet portal, HR.com have shown that the cost of a replacement worker is two to three times the cost of a retained worker.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.