Don’t worry about your workers holiday shopping from their desks – the real surprise is that 37% of them are looking “actively or casually” for a new job outside their company, according to a new survey focusing on employee turnover and retention.
Meanwhile, the other 36% would consider taking a new job if the opportunity presented itself, and only 27% were not interested in a job outside their current company, according to global human capital management technology company Ceridian’s 2018 Pulse of Talent: Retention Throughout the Employee Lifecycle survey. The survey was carried out by the Nielsen Company.
The survey asked 2001 full-time employees in North America about their relationship with their employer, and their career plans, while examining across three factors: age, tenure, and role seniority.
Loyalty: yesterday’s news?
Overall, the results indicated less job satisfaction less employee loyalty to a company. Employees 34 and younger, in particular, want to be challenged, recognized, and paid what they’re worth by the companies they work for.
Employed job searchers vary by age:
- 55% of 18-24-year-olds are looking for new positions
- 39% of 35-49-year-old are looking for new positions (and an added 41% would answer a call from a recruiter)
Overall, 25% of employees of all ages planned on staying with the same company they are happy with for less than three years, the survey found. 21% planned on a 3-5 year stay.
“Employee want to be loyal. Companies have just killed employee loyalty by the way they treat them,” said Jeff Kortes, an employee retention expert, said in the report.
Will I stay or will I go?
For employees that leave, there are five major reasons:
- 25% salary not high enough
- 14% work not interesting enough/didn’t like it
- 13% not enough respect
- 12% no opportunities to take on additional responsibilities
- 12% bad relationship with manager
These are very different than the reasons that employees stay with their current employers, however:
- 30% stay because of good benefits
- 29% stay because of a good salary
- 28% stay because of good relationships with coworkers
- 27% stay because they feel secure in their job
- 26% stay because they find their work interesting and love what they do
Work-life benefits like where and how employees work often make up the difference when it comes to workplace happiness. “The research found that those who are permitted to work from home and work for a company that offers training are more likely to indicate happiness with their jobs,” the report read.
As far as the workplace setup goes, the cube still rules. The survey often found that people reported higher levels of happiness when working in a traditional office setting than working in an open-office, virtual, or coworking space.
Making an impact
One of the biggest contributors to retaining employees was gauging how close they felt that they were making an impact on the business’s stated goals. 92% who said that they did make feel that they made an impact planned to stay at the job 7.9 years more. 58% of those who felt they did not make an impact planned to stay with their current employer only 6.1 years longer.
Overall, it’s not just about salary and benefits when it comes to retention (although that helps). It’s about how interesting the employee finds the work, how comfortable they find it to work there (down with open offices, up with flexibility), and if they feel engaged with the work and the overall mission of the company.