With unemployment at epic lows, the job seeker rules the job market today. And insights emerging from 24 Seven’s latest employment and talent trends research indicate that disappointing compensation is the push that employees need to look for a new job in the coming year.Employees who are unsatisfied with their raise are also more likely to be a morale and productivity drain. Feeling a disconnect with their employer, their engagement will be lacking, as will their loyalty. And with seven in ten hiring managers saying it’s tougher than ever to hire, now is not the time to provoke proven employees.Here are some areas that companies can review to address the backlash of compensation frustration.
Improve Benefits
Employees happy with benefits are less likely to leave their current workplace. Benefits that provide balance and save time are most valued, including more generous policies around all forms of leave and time off, as well as help with every day chores and self care. If budget cuts are preventing you from increasing employee compensation, offering time-off benefits is a great way to make the employment proposition more desirable.
Commit to a Career Flight Path & ETA
After better earning potential, landing a job with better growth promise is the next reason talent takes off. Providing top performers with clear career path options and a definitive timetable for reaching milestones will make your company harder to leave. When developing a career plan for your most valued team players, don’t underestimate the pull of the job title. Seventy-eight percent of employees participating in our latest study said it really matters to them.
Fund & Encourage Professional Development
In our experience on the front lines of recruiting (and supported year over year by our data), learning organizations are coveted destination employers. Top talent wants to continually learn and hone new skills. While you as a manager may not be able to invest more in the employee’s comp plan, work hard to secure dollars for training & development.
Get Real About Culture
Employees who feel they click with company culture are more likely to stay. A demonstrable commitment to better benefits, career pathing, and talent development are all hallmarks of a sticky culture. Employees also say that these are signals that an employer cares about their workplace experience. While compensation may come up short, if company culture is bursting with feel good (and proven) elements like enforced diversity and inclusion policies, employee burnout prevention, employee empowerment, it makes an employer harder to leave for an unproven one. Managers should also remember that the culture of the group they lead is a talent magnet as well – and while a manager may not be able to impact company culture they can certainly control the team experience.To learn more about what impacts talent attitudes and behaviors in today’s hiring market, click here to download 24 Seven’s 2020 Job Market Report.