Employee turnover and retention is becoming a serious problem in today's corporate environment, according to the Middle East’s #1 job site bayt.com. More than half the respondents to a recent Bayt.com poll claimed they actively search for job opportunities while being employed, and 45 per cent of people in a separate poll said they would switch jobs if offered a higher compensation package. A total of 1,794 respondents, the majority based in the UAE and the Gulf, participated in the surveys. Of the 269 UAE respondents, 61 per cent admitted to looking for better prospects and in Bahrain, 67 per cent of the 292 respondents did the same.
“In today's business environment, it is imperative that organisations learn to attract, motivate and retain the key talent needed to meet aggressive business goals. Committed employees are more productive and work with a focus on quality to increase customer satisfaction and the profitability of their organisation,” said Rabea Ataya, CEO of Bayt.com. “While money certainly plays a part in reinforcing employee commitment, it's clearly not enough in today's work environment. Studies have shown that praise and recognition tend to build employee loyalty. People want to feel that they make a difference.”
A third poll, attracting 721 professionals, revealed that more than 30 per cent had been headhunted by competitor companies and recruitment agencies across the region. 35 per cent of UAE employees and 31 per cent in Kuwait said they had been approached in the last three months. In the region’s tight labour market there is a clear shortage of skilled and experienced candidates for virtually every type of position.
Paying more for candidates with experience is sometimes considered more profitable than investing in training. However given the plethora of opportunities available to qualified professionals, investing time and effort in employee motivation, training, annual reviews, reward systems and other programmes designed to boost engagement and satisfaction of deserving employees is clearly essential.
Becoming an employer of choice in today’s competitive and booming marketplace is contingent on the ability to both attract and retain high caliber employees using creative and relevant incentives beyond just total pay. The surveys were conducted online at the Bayt.com site between November 2006 and January 2007.
