Employees staying put even if unhappy: talent survey
Top five reasons for leaving and retention
Top five reasons people seek new employment:
1. Lack of career progress (27 percent)
2. New opportunities in the market (22 percent)
3. Dissatisfaction with manager or supervisor (22 percent)
4. Lack of challenge in the job (21 percent)
5. Lack of compensation increases (21 percent)
Top five retention incentives:
1. Additional bonuses or financial incentives (44 percent)
2. Promotion/job advancement (42 percent)
3. Additional compensation (41 percent)
4. Flexible work arrangements (26 percent)
5. Support and recognition from supervisors or managers (25 percent)
Source: Deloitte: Talent 2020
As high unemployment persists and the global economy remains slow, a new survey finds employees are choosing to stay in the jobs they have — even if theyre not happy.
According to Deloittes latest global talent survey, Talent 2020, four out of five, or 80 percent, of employees plan to stay in their current job over the next year — an increase from 2011 when nearly 65 percent were planning to leave.
Forty-six percent of the survey respondents indicated they are less likely to move because in the last 12 months, they have changed jobs (nine percent), were promoted (22 percent) or have taken new positions with their current employers (15 percent).
However, nearly one-third (31 percent) say they are not satisfied with their jobs.
The report finds that because more employees are staying put, many companies right now have a false sense of security and theyre not working hard to retain talent. The Deloitte report warns that organisations top performers are also those with the most employment opportunities.
Instead of addressing broad concerns over high turnover rates, employers now face a more targeted challenge, said Bill Pelster, principal and US talent services co-leader for Deloitte Consulting, LLP. Companies must adjust their talent management initiatives to focus on retaining employees with critical skills required to advance their business in todays turbulent marketplace, as they pose the biggest flight risk.
Deloitte teamed with Forbes Insights for its fourth report in the Talent 2020 series, surveying employees across major industries and global regions. Based on the results and Deloittes analysis of the talent market, Deloitte identified three emerging trends:
— Engage employees with meaningful work or watch them walk out the door. Employees value meaningful work over other retention initiatives. A majority (42 percent) of respondents who have been seeking new employment believe their job does not make good use of their skills and abilities.
— Focus on turnover red zones. Employee segments at high risk of departure, or turnover red zones, are employees with less than two years on the job and Millennial employees (those aged 31 and younger).
— When it comes to retention, leadership matters. More than six in ten employees (62 percent) who plan to stay with their current employers report high levels of trust in corporate leadership.
Retaining employees is not simply a human resource function, said Mr Pelster. Retention starts with the C-suite and extends through virtually every level of management, down to line managers and supervisors. Strong leadership is one of the most important factors in differentiating between an employee who is committed to their current job and one who is constantly searching for the next career opportunity.
Other factors such as trust in leadership, effective communication and a companys ability to execute on its strategy can also make a difference, according to the survey.
— Generation X employees are the most active in the talent market and Millennials are advancing up the career ladder the quickest.
— In terms of employee turnover, the Financial Services industry runs the highest risk of losing talent, with 25 percent of employees expressing turnover intentions over the next 12 months. Closely behind are Technology, Media and Telecommunications (23 percent) and Life Sciences and Healthcare (23 percent).
— Workers in the Energy and Resources industry express the most satisfaction with their jobs, with 78 percent agreeing that overall, I am satisfied at work.
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