Almost all employers today face a similar challenge regardless of company size or industry – attracting and retaining talent
The current market favors job seekers and candidates, who have more control and options available to them than at any other time in recent memory.
This has caused businesses to rethink their recruiting strategies
to attract the best available talent while simultaneously enhancing the employee experience to reduce turnover. The latter of which is one of the top talent-related concerns for employers.
But which factors are more likely than others to drive employees away from their current employer? That’s what a recent survey aimed to find out.
Why Do Employees Leave Their Job for New Opportunities?
At the end of August, Randstad US released the results
of a study that explored the reasons why employees leave their jobs, or stay with their current employer.
The initial findings from the survey showed that there are two main things that impact this kind of career decision: practical elements of a job
(salary/compensation, PTO offerings, work-life balance, etc.) and personal experiences
(employee experience and engagement, relationships with co-workers and managers, etc.).
The results revealed that of the two, personal experience may weigh more into the decision to ultimately leave.
One example of this is revealed in the first data point shown in the results – 58% of employees would stay at a job with a lower salary if it meant having a great boss
Work-Life Balance, Workplace Relationships, and Respect Are Critical
The main part of the Randstad report lists numerous results from their survey broken down into subcategories.
First, they explore how factors that impact work-life balance
plays into an employee’s decision to leave:
- 65% of employees would consider a new position in an improved location
- 63% wouldn’t even consider a job if the company offered less than 15 PTO days each year
- 36% said they are considering leaving their current roles because they cannot work remotely
The survey also showed that the overwhelming majority of employees (82%) expect a raise each year to stay with their employer.
Next, the survey explored how interpersonal working relationships impact employees’ decision when it comes to leaving their current role.
How employees feel about their direct supervisor or manager plays a critical role, with 60% having left, or thinking about leaving, their current roles because of this.
Another interesting statistic uncovered is that 53% of employees
have left or considered leaving their job because they don’t feel their employers recruit or retain top-talent. This shows another important reason why recruiting and retention must be viewed as priorities for employers today.
Career Progression and Company Reputation Are More Important Than Some May Think
We have written before about the importance of career development and training
, and the survey further shows the role they play today. 58% of employees
said that their employer doesn’t have the growth opportunities needed for them to stay long-term.
Another 69% said they would be more satisfied if their skills were better used by their company.
Additionally, 57% said
they would need to seek new opportunities in order to advance their careers
Next, the report provides some data around how work environments, company cultures, and an organization’s reputation impact employee turnover
. As you might guess, these factors play a significant role in an employee’s decision to seek new opportunities:
- 38% of workers want to leave their jobs because of a negative workplace culture
- 58% have left positions, or are considering leaving, because of office politics
- 46% say they are seeking new employment opportunities because their team or departments are understaffed
- 86% would not continue to work for, or even apply to, a company that has a bad public or employee-related reputation
- 65% of employees said they would consider leaving if their employer was being negatively portrayed because of a crisis or poor business practices
Do Employees Stay Because They Love Their Jobs?
While not all employees choose to leave a current role for a new one, it may not be because they truly love their job. The Randstad survey showed that 54% of employees feel pressured to stay at a job they don’t like because they are the primary family providers.
Also, 71% say that staying at a current job is easier than trying something new.
The survey next briefly touched on the role benefits and perks
play in employee turnover. 78%
said their benefits are as important as their salaries
when it comes to keeping them in their current role.
Lastly, the survey found that PTO continues to be a major influence in an employee’s decision making, with 56% saying they don’t explore other opportunities because they would have less PTO to start.
Cleary, these factors represent employers both big and small with opportunities to build a strong retention strategy.
Recruiting and Retention Continue to Be A Business Challenge
Surveys like the one from Randstad continue to show the difficulties employers today face with recruiting and retention.
With these challenges expected to become more troublesome in the coming years, business leaders must think of ways to stand out in a competitive market and offer the best possible experience to employees
in order to attract top talent and reduce turnover.
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