One of the biggest concerns for business owners are the difficulties with recruiting talent
in today’s healthy job market.
With unemployment rates sitting around 50-year lows and candidate expectations shifting, some employers (especially small businesses) are running into issues not only with recruiting, but also retaining current employees.
But how do job seekers and employees feel about the current state of the job market, their careers, and future job plans?
A recent CareerBuilder survey
uncovered data and answers to these questions and others.
Why Do Employees Leave Their Jobs?
The surveys from CareerBuilder were taken by 1,021 hiring/HR managers and 1,010 full-time U.S. workers in the private sector.
Results show that employees care about career development
, but many aren’t provided with the resources necessary to build their skills. Just 32% of employees are satisfied with their career advancement opportunities, while only 37% are happy with learning and development programs.
More concerning, 58% say their company doesn’t offer enough support to learn new skills and advance their careers.
Sometimes, employers can hinder their own ability to recruit by offering a poor candidate experience
Candidates who have negative recruiting experiences are likely to give up without applying, with 42% saying they would do so if the application is confusion and 31% saying they’d drop off if it took too long.
Benefits, Compensation, and Job Hopping
As you might imagine, compensation plays a critical role in talent attraction and retention. 15% of job seekers say that low compensation or lackluster benefits
are the top reason they left their last job.
When asked about the top reasons, other than salary, that candidates consider when applying for a job, the top two responses were:
- Benefits – 75%
- Commute time – 59%
Additionally, survey takers were asked to name some perks that would make them more willing to join or stay with a company:
- Half-day Fridays – 42%
- On-site fitness centers – 23%
- Award trips – 21%
The survey also explored a trend that is especially concerning to employers – the rise of job hopping
29% of employees said they actively search for jobs even though they are employed. Most concerning to business owners, 78% say that they would be open to a new job if the right opportunity came up, even if they weren’t actively looking for a new role
Sometimes, getting a verbal yes from a candidate or even a signed offer letter isn’t enough for an employer. 51% of job seekers said they have looked for other roles after an offer has been extended and background checks start.
Additionally, 67% of employers said that 1 in 4 new hires don’t show up after accepting a job offer
Small Employers Must Be Creative to Compete for Talent
It’s expected that recruiting and retention will continue to grow more challenging for employers, especially smaller businesses.
To compete with larger companies for the same talent, small business owners need to review their recruiting strategies, candidate experience, employee experience
, employee benefits, company culture, and more.
By investing in these, small employers can set themselves up for success with recruiting job seekers and retaining current employees!
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