Today’s labor market is still hot and the demand for talent continues to outweigh the current supply, particularly when it comes to those with specialized skills. This means that if top-performing team members leave, you could face great difficulty in replacing them. As such, employee retention should remain a front-and-center concern for companies of all shapes and sizes.
In our 2022 Talent Retention Report, we surveyed more than 3,300 professionals in the marketing, creative, technology, fashion, retail and beauty sectors to identify what motivates employees to stay with their current employers and what drives them to look elsewhere.
Some employers understandably think that it all comes down to competitive compensation and attractive benefits, and they’re not wrong, but assuming that these are the only things driving retention today would be underestimating an elephant in the room. And that elephant is working from home.
WANTED: REMOTE WORK
While many employees were forced to switch to a remote work model at the start of the pandemic, a large percentage found that they preferred the flexibility and convenience remote work offered.
Gone were tedious commutes and time wasted in traffic. Working remotely led to many employees experiencing improved work-life balance as they had more control over when and where they worked. Having this newfound control also allowed more time with family as well as time to focus on one’s health and wellness.
In our survey, remote work ranked third in importance to employees, just behind compensation and health benefits, while outranking other key factors like a good relationship with management, training and development opportunities, and overall company reputation.
Ninety-two percent of those surveyed in the 2022 report said that they wanted more control over when and where they worked.
Perhaps the more noteworthy stat for companies to consider when evaluating a potential return-to-work policy is that 80% of respondents said that if their employer were to require them to work onsite a majority of the time, they would be more likely to look for another job.
The remote work quandary is not lost on hiring managers, many of whom say their company’s remote work policy is the biggest challenge they face when it comes to retaining talent.
FOCUSING ON FLIGHT RISKS
Perhaps a positive sign for employers is that only 12% of those surveyed said they were actively searching for a new job. But 46% said that they were passively considering something new, which could pose a threat to employers if a better opportunity came knocking.
Among the respondents, 67% said they were considering leaving their jobs in the next year to become a freelancer.
In addition, 78% said they felt that they were measured by hours worked – not the value they delivered. This kind of sentiment is often an indicator of employee burnout. And chances are once a team member reaches this point, they’re already planning to exit.
HOW 24 SEVEN CAN HELP
Employers best positioned to retain talent are thinking outside the box, understanding that while compensation and benefits are still important, the retention work doesn’t stop there. Employers need to prioritize providing flexible work arrangements, keeping lines of communication open and making sure core employees are not overwhelmed or burning out.
And that is where 24 Seven can come in to help, with a team of recruiters who specialize in finding highly skilled talent in the marketing, creative and tech sectors.
Our recruiters are tapped into a wide network of professionals throughout the country, some who are looking to make a career jump and others who may not be actively looking but might be willing to make a move for the right offer. We understand the nuances that have shaped the job market over the last few years, full of uncertainty and change, and can help you better position yourself as a company committed to both attracting and retaining top talent.
If you’re looking for a faster, better way to hire full-time employees or freelancers, contact a 24 Seven recruiter today.
For more insights and information watch our 2022 webinar, What's Driving Employee Retention here >>