A recent BusinessWeek article warns that the employee “quit rate” (employees that voluntarily leave a job), while at a current low, is no more than a response to the unstable economy.  “…Workers’ loyalty [won’t] outlast the recession,” the article says, and layoffs, bonus and benefit cuts and a halt in promotions are all motivators behind the recently reported 25% drop in employee engagement among high performers.

All information that has been circulating since the bottom fell out of the economy.  You know it, I know it and BusinessWeek knows it, but it still makes news.   That’s because even though the awareness is there, the number of leaders taking action to retain good employees are scary low.  The two main factors why are #1: in the struggle to make it in these difficult times retention is not something leaders are making time for, and #2: leaders simply don’t know what to do.

“But there’s no money!” is the cry of defense often heard these days.  Yes, benefits and compensation make people happy.  But when those things aren’t an option, it doesn’t mean employee retention efforts should come to a dead stop.  In fact, that’s exactly the time to amp up efforts to keep good people happy.  What’s more, our extensive research of employees in a wide range of industries shows that money is not the top motivator for high performers.  For Hundred Percenters, finding fulfillment and a sense of purpose in their work means far more than a paycheck.

Employees aren't going to sit patiently by while their professional paths amble toward an uncertain future.  Driving retention requires taking positive action.  Find out what your people want, and if it’s practical and possible, make it happen.  Create work that engages employees: mind, body and soul.  Better yet, let your people tell you the kinds of projects that will inspire passion for the job.  Then delegate some time exclusively for executing those ideas.  Google calls it “20-percent time” and it’s responsible for 50% of their new products.  Sounds like a win-win to us.

A Monster.com survey from last spring showed 79% of jobholders were actively looking for new employment and the numbers can only have grown.  So don’t wait for the job market to pick up before you think about employee engagement; your best people may be long gone by then.