More employees plan to quit this year than since the beginning of the recession.
Credit: I quit image image via Shutterstock
Research from CareerBuilder discovered that 21 percent of full-time employees plan to change jobs this year — the largest percentage of expected turnover seen in the post-recession era and up from 17 percent last year. Many factors could be contributing to the expected rise in turnover, including employees' overall dissatisfaction with their job, their chances of being promoted within the company and their work-life balance.
The study shows that among those who are dissatisfied with their job, 58 percent plan to change jobs in the new year. The most cited reasons for employee dissatisfaction were concerns over salary and not feeling valued.
The research also revealed that 45 percent of workers who are dissatisfied with advancement opportunities at their current company expect to look for new work this year. Moreover, 39 percent of employees who are dissatisfied with their work-life balance plan to do the same.
Rosemary Haefner, vice president of human resources at CareerBuilder, said offering frequent recognition, merit bonuses, training programs and clearly defined career paths are important ways to show workers what they mean to the company.
"In general, however, when more workers change jobs, it's usually a sign the labor market is warming up," Haefner said. "During the recession and in its aftermath, fewer people voluntarily left jobs because the chances of finding a new or better one were low compared to [the chances during] a healthier economic cycle."
For the 79 percent of workers who have no intention of leaving their current job this year, a variety of factors influence their decision, with relationships with co-workers, work-life balance and benefits topping the list.
Specifically, 54 percent of those who aren't looking for a new job said it's because they like their co-workers, while 50 percent attribute their decision to a quality work-life balance. In addition, 49 percent want to stay because they have good benefits, while 43 percent have no intention of leaving because they are happy with their salary.
Other reasons employees expect to stick with their current employer include the uncertainty in the job market, having a boss who looks out for them, having a short commute and feeling valued.
The research was based on surveys of 3,008 full-time, private-sector employees across a wide range of industries and company sizes.
Originally published on BusinessNewsDaily.