As an employer, you may be thinking about jobs a bit differently than employees, which isn't new, but the divide between these schools of thought is growing at an alarming pace. Companies generally know how to attract talent, but the concept of retaining them is eluding them.Your employees are making decisions about whether to leave or stay and you need to know what it will take to keep your top talent if you want to remain competitive.
Let's talk about the reality of the situation at hand first, before we get into the solution. According to the new ADP statistics, 63% of an employer's workforce is open to leaving for another job, while 27% of people change jobs annually, putting job switching at an all-time high. These are scary numbers if you're relying on your talent to be profitable and can't afford to have any skills gaps. If you're looking to just throw money at this problem, that won't work either because 46% of employees said they would consider a job that matched current salary or paid less. Obviously there are other factors in play here, especially if you take into factor the statistic that only 13% would change their jobs because of a raise in pay.
Employees will look at what's important for today and what will impact them, while employers will be looking towards the future and will have more of a birds-eye view. The expectations of both employee and employer must align from the very beginning of recruiting and stay throughout the duration of that employee's time in that role. Employees can be promised things like work-life balance and meaningful career development, but if it isn't delivered after they are hired, they will walk. It was found that about 47% of employees have walked away from a job that did not meet their expectations. That's another significant number that should deter you from a "bait and switch" recruitment process. Another important factor to employees is knowing and understanding how their position helps to achieve business goals.
Even if you're not phased by the amount of workers actively looking for work elsewhere, think about the 23% of your workforce that is passively looking. Employees want more and only one-third of U.S. employees give their companies high marks on career performance, learning management, and succession planning. Now, more than ever, employees can use technology to browse for new jobs, even at their current place of business.
The Moral of the Story?
The takeaway from these new statistics is what you can do moving forward to retain talent. The following sum up your next moves:
- Make sure you stick to your original claims when offering a job
- Care about what your employees are doing and where they're going
- Appreciate your employees more and make known their contributions to business goals
- Don't just throw money at employees, thinking it will sway them entirely