Horizons Fall/Winter 2019

benefits that they are not yet collecting and current retirees.

The war on talent is more prevalent today than ever, meaning employers have to pay attention to what employees actually want in order to retain the best people.

Unfortunately, state and local government pensions have attracted considerable

attention in recent years because inadequate contributions have left

pension plans underfunded and the aging population is retiring and collecting benefits at a rapid rate. Boomers – a group that is defined as the 81 million people born between 1946 and 1964 – began turning 65 at the rate of 10,000 per day in 2011 and will continue to do so at that rate through 2029. This means that plan assets are being consumed rapidly as the benefits for these new retirees are paid. To top it off, the once touted defined benefit pension plans offered by governments are a less common compensation benefit offered to incoming government employees to incentivize applicants. Many governments have frozen their defined benefit plans and begun offering defined contribution plans instead. Changes in the Working Class Also impacting the industry is the rapid rate at which Boomers are retiring, leaving many governments with no succession plans for key leadership positions. Employees with decades of institutional knowledge will soon be leaving the workforce in record numbers while governments try to compete with the private sector to find talent. The war on talent is more prevalent today than ever, meaning employers have to pay attention to what employees actually want in order to retain the best people. Moreover, the latest U.S. census data indicates that the race and ethnic composition of the population will continue to become more diverse as the current workforce retires. Because of this, employers need to ensure that the work environment they are offering is appealing to candidates from all backgrounds and experiences.

Attracting & Retaining Talent So, what are the best employee attraction and retention strategies? These are arguably some of the most important factors in attracting and retaining top talent: Trust in Leadership When employees can respect and trust the leadership team, they feel secure. Leaders who are accessible, can communicate well, give honest reports and listen to employees are key to job satisfaction. Employees at all levels should know and trust the government’s leadership team. Mentors Related to leaders you can trust is the ability for an employer to provide a system of mentors who support employees unconditionally. These mentors would generally fall outside of those who are directly responsible for evaluating the performance of the people they are mentoring. A mentor program is a great way for governments to encourage inter- department interaction. Culture The happiest employees believe in the culture and direction of the organization. In order for employees to believe in the culture, there must be a clear and consistent message of what the organization believes. For governments in particular, employees need to understand the mission and services provided by the organization. Recognition Everyone plays a part in the operations of a government, which can be a monumental task with no “off hours.” Taking a minute to acknowledge someone by writing a thank

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