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In a recent SharedHR webinar on HR Trends for 2013, Paul Finkle, CEO, noted that one trend was a continued War for Talent. In the webinar, Mr. Finkle notes that one of the biggest reasons employees often leave a firm is due to a poor relationship with their supervisor. As the economy continues to pick up, employers that don’t invest in employee engagement and in developing their managers will see themselves on the losing end of the proverbial War For Talent. Allow me to paint a sobering picture:

According to the Bureau of Labor Statistics (BLS) the Unemployment Rate continues to drop steadily from a high of 10% in October of 2009, to 7.8% as of the end of December 2013. That’s the good news. But, as the economy gains momentum, resulting in a drop in unemployment, we’re also seeing disturbing trends in the rise of the “Quit Rate”, the number of employees who quit employment as a percentage of total employment. According to the BLS, the quit rate is at its highest point since Fall of 2010.

Add to the mix the following studies, and you have the equivalent of a perfect storm in the War For Talent:
- In a recent report from the consulting firm Mercer, half of US workers are unhappy with their bosses;
- A survey by Gallup reveals that one of the top two reasons why employees leave an organization is due to lack of support from their supervisor;
- According to Michelle McQuaid, a world leader in positive psychology interventions in the workplace, “More Americans choose a new boss over a pay raise because bosses are leaving people feel unappreciated, uninspired, lonely, and miserable.”

So what is an employer to do? There is very little that employers can do about the unemployment rate or the economy, but there is lot they can do to make sure that their employees don’t walk out the door by training better managers. Think about it – as the economy improves and more jobs are created, already frustrated employees are going to look for greener pastures elsewhere. Employers that invest in developing their management ranks will ultimately win the War for Talent.

So are your managers helping, or hindering your efforts to retain your best employees? If you have any doubt, now is the time to consider helping them to build the key skills required in a management role.

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Read this post on the SharedHR blog.