Even in a tight labor market, most employees want to find a company they can learn and grow with for the long-term future. In a survey of more than 2,000 employees, conducted by the West Monroe Partners, most said they'd like to remain loyal to their company. In fact, those who participated in the survey said that they are very loyal to their employers. The question is, would they consider other job offers?
That seems like good news for recruiters and hiring managers, but there's a catch. When you look at the detailed responses, 45 percent of new hires, defined as those who've been at a company less than one year, have already applied for other job offers. Further, 59 percent said they’d leave their current job for a better offer even if they weren't seeking a job on their own. On the other hand, a quarter of employees say they'd want at least a 20 increase in compensation before they'd consider making a move.
Employees Nibbling on Greener Grass
About 12 percent of staffers said they were not loyal to the company they currently work for and open to job offers. Almost double that (21 percent) said they weren't happy in their current position. This news that competing companies are happy to exploit to steal away your employees. In fact, 60 percent of employees admitted receiving calls from recruiters and other organizations in the previous six months. About 43 percent had pursued one or more leads.
Recruiters may have to work harder in today's labor market. Some companies rely on outside recruiters or technology to net ideal candidates; others are offering on-the-job training to create a pool of talent from which to draw new hires. Presumably, those higher would come with a higher retention rate since the company would continue to apply perks like additional free training. The stakes are increasing among businesses short on qualified candidates for openings. In fact, many industries may suffer from an inability to increase headcount for key positions.
It doesn't take much for recruiters to gain a foothold with a mildly annoyed employee who is open to job offers. This means that employers have to compete not only to get someone in the door but also to keep them from walking out in pursuit of greener grass. By focusing on branding and recruiting, a company can become a sought-after employer, which immediately increases the patience and long-term loyalty of newer and long-time employees.
Choose The Right Partner
It's important that you choose the right recruiting firm. Don't choose one that doesn't look at you as a partner in the process. You'll need to work together to find the talent you need. When you need to search for candidates that will stick around for the long term or just candidates to fill in for the one's who have moved on, then click below.