From where we sit on the front lines of recruitment, it’s a tight talent market out there. Now’s not the time to experience employee attrition if you can help it, because replacing those roles may be challenging and expensive. Under current job market conditions, job seekers are in the driver’s seat, often weighing more than one employment offer at a time. And be warned, in our last survey of talent, 76% said they were planning to switch employers in the coming year. So what are some areas companies might focus on to keep employees fleeing for greener pastures? We conduct research regularly to understand what makes talent tick and here are just a few findings to consider as part of talent retention strategy:
Transparency in all its forms is increasingly important to employees – especially younger ones. Of the people planning to make a job change within the next year, 7 out of 10 said that the level of transparency at their current company is just not adequate. Further, 69% of those fleeing said that they had no transparency around what it takes to get promoted, and over half said that career path clarity was nonexistent. Alternatively, half of the employees who identified themselves as highly engaged at work agreed that their company is out in the open – especially when it comes to the company’s financial performance, the values it stands for, and employee career progression or path possibilities. The message couldn’t be clearer – get transparent or lose good people.
Focus on professional growth
Our studies show that employers who invest in developing their people keep their people. In our survey, two-thirds of the people headed for the exits said that they don’t feel like their continually growing at their current job. Yet, the most engaged employees said the company they work for makes sure they are constantly evolving professionally. In fact, 73% of employees who say they’ve found the ideal workplace reported that their company offers abundant opportunities for training and professional development. After compensation and benefits, our research finds that career growth along with the opportunity for advancement is the third most critical dimension of an ideal workplace.
Keep tabs on well-being and burnout
Employees who are the biggest flight risk were also more likely to say that they feel burnt out most days. And almost half don’t believe their current company cares for their well-being. On the other hand, a large majority (86%) of the employees who say they’ve found the ideal workplace (and aren’t going anywhere anytime soon) said that they work for a company that demonstrates concern for employee well-being. Employees who feel cared for were more likely to report receiving a variety of ‘gift of time’ benefits (i.e. personal leave, paternity leave, or summer hours/comp days) and fun in-office perks (i.e. on-site massages, company sponsored social events, comped meals or treats).
To learn more about what drives talent to stay or stray, click here to download our 2017 Job Market Report.