Keep your grassgreen

08.29.16

How to stop employees from seeking other pastures

According to our most recent employment study, a large majority of workers (76%) today feel confident about their chances in today’s job market, and many (66%) are planning a job change in the next 12 months. Most of these confident, antsy workers are not just looking to change what they do but also who they do it for. One in five is considering another oer while you read this. And chances are high that they are one of the most industrious workers, the popular rising star that everyone wants on their team, or that highly-trained, company-knowledgeable leader. So how can companies avoid losing these prized professionals – as well as deal with the morale, productivity and financial loss that comes with that? Focus on why they look to greener pastures in the first place.

SEEING GREEN

Year after year, money talks (in the loudest voice) when it comes to employee flight. And it’s not that surprising, really. Stories abound in the media about improving job numbers but stagnant wages.

Raises are simply not meeting worker expectations and needs. Our study points to a disconnect between what employees anticipate increases to be versus what managers plan to give. We also found a consistent trend that those who switch jobs are the ones with the highest year-over-year salary increase. So for companies who want to keep employees from looking (and eventually leaving), it may come down to simple arithmetic – add to their paycheck.

GROW. CLIMB. STAY.

The Great Recession has left employees yearning for a richer wallet and a richer work experience too.

A shot at better growth potential or to move ahead are the next two biggest reasons employees start trolling job boards, sprucing up their LinkedIn profile, and rekindling professional connections. Our study found that about 1/3 of workers have a poorly defined career path (if at all) and feel like they’re stuck in a rut job-wise. Helping an employee understand what their next move is at the company and preparing them for it goes a long way in retaining them. In fact, employees with a well defined career path are more than twice as likely not to be seeking a job change in the near future. And there’s a secondary benefit as well – those who understand what’s next on their career path while getting to work on interesting projects are more likely to be engaged employees.

LEARNING, NOT LOOKING

A related reason to plan a job switch is the opportunity to learn new skills. This has been a repeating factor in our employment studies since the end of the Recession. After seeing many people struggle to keep and find jobs during the downturn, workers are keenly aware that up-to-date, transferable skills might keep dreaded pink slips away. Nine out of ten workers told us that they proactively take steps on their own to keep themselves relevant and marketable through training and professional development (while only half said that their employers are helping them with that). Even less reported that their employer is providing training for the next role on their career path. Further, two in three employees crave paid continuing/higher education support from their employers, yet only half oer it. Companies who say they want to retain their best workers need to put their money where their training is. To learn more about 24 Seven’s job market research, please contact: marketing@24seveninc.com

KEEP YOUR GRASS GREEN

Continued...

BALANCE & BLEND

Tied for the fourth reason to job switch is improved quality of life. For many considering a new employer, the opportunity to work flexibly, remotely, or some combination of both is pretty much expected by workers (especially Millennials). Soft benefits that help employees balance the demands of home, health, and work are also in high demand. Companies that weave these coveted features into the employment experience have a higher likelihood to retain their top talent.

MISS OR MATCH

Rounding out the top five reasons workers are tempted to leave their job is company culture. Finding one’s tribe is critical to on the job happiness, feeling engaged at work, and staying company loyal while staying put. With only 3 in 10 workers feeling they’ve made the right match culturally, it’s really no surprise that so many have their employment feelers out. For companies looking to lure those lookers in, the focus should be on the top factors of company culture that workers say they want: the attitude toward work/life balance, authenticity, management style, and a commitment to employee professional development.

SHOWING THEM THE DOOR

If you’re ignoring these, employees will find them elsewhere

Higher salary
Better growth potential
Better advancement opportunity
Opportunity to learn new skills
Improve quality of life
Better culture


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