Fewer Workers Looking for New Jobs
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While they might not be thrilled about staying put, a new study finds most employees have no plans to look for another job.
The global talent survey by Deloitte found that 80 percent of employees worldwide plan to stay with their organizations over the next year, a significant increase from 2011, when nearly 65 percent were planning to leave.
Yet despite the high number now committed to their employer, the research found that nearly one-third are not satisfied with their jobs.
Among the reasons for employees' lessened wandering eye is their job status, with many changing jobs, getting promoted or taking a new position with their employer over the last year.
Bill Pelster, principal and U.S. Talent Services co-leader, Deloitte Consulting LLP, warns companies not to neglect their talent and retention strategies as more employees appear to be staying.
"Instead of addressing broad concerns over high turnover rates, employers now face a more targeted challenge," Pelster said. "Companies must adjust their talent management initiatives to focus on retaining employees with the critical skills required to advance their business in today's turbulent marketplace, as they pose the biggest flight risk."
Those who are trying to retain their top talent would be wise to give them more important assignments. The study shows employees value meaningful work over other retention initiatives. Overall, thesurvey found the top reasons people seek new employment are primarily nonfinancial, including:
- Lack of career progress
- New opportunities in the market
- Dissatisfaction with a manager or supervisor
- Lack of challenge in the job
However, the research shows the top retention incentives for employees are primarily financial:
- Additional bonuses or financial incentives
- Promotion/job advancement
- Additional compensation
The report shows that other factors, such as trust in leadership, effective communication and a company's ability to execute its strategy, can keep employees satisfied and focused on their job rather than searching for a new one. Specifically, more than 60 percent of employees who plan to stay with their current employers report high levels of trust in corporate leadership.
"Retention starts with the C-suite and extends through virtually every level of management, down to line managers and supervisors," Pelster said. "Strong leadership is one of the most important factors in differentiating between an employee who is committed to their current job and one who is constantly searching for the next career opportunity."
The research was based on surveys of 560 employees working at large companies with annual sales of over $500 million throughout the world’s major economic regions, including the Americas, Asia Pacific, Europe, the Middle East and Africa.