The November 22 edition of the Herman Trend Alert indicates that a reversal of the recent trend toward elimination of benefits is underway.
With an increasingly competitive employment market developing that requires employers to vie for the best talent, some of those perks have already begun to return. Even unusual benefits such as concierge services and pet care programs have begun a resurgence.
With many executives ready to jump ship as reported by ExecuNet, the threat of rising attrition rates will drive employers to sweeten their compensation and benefits packages in order to retain key executives and avoid the exorbitant costs of replacement. This attrition threat is not to be taken lightly, as according to ExecuNet’s recent survey of 147 employed executives, 67% are not satisfied with their jobs and of those 78% plan to change companies in the next 6 months.
Dave Opton, CEO and founder of ExecuNet phased it well: ““Companies have neglected retention for too long and now that the competition for talent is heating up, many are responding with too little, too late. When you consider the costs of recruiting, hiring, and training a new executive, it’s no surprise that the most successful companies never lose sight of the importance of rewarding their top talent with more than just compensation.”