Preventing employee turnover is one of the top priorities among talent management and HR professionals today. However, many don’t understand why their talent leaves, and what specifically they can do to sway them to stay.
Our new report, How & Why People Change Jobs, shows that the number one reason people change jobs is for career advancement. But interestingly, 42% of the 10,000+ recent job switchers said that they might have stayed at their company if their employer had done something.
That means that almost half of these former employees could have been retained. Now, if this doesn’t perk HR’s ears, then I don’t know what will.
We decided to dig deeper and look at these insights with our employee retention glasses on. Scroll through this infographic to learn why talent leaves, and how your company can prevent employees from turning in their two-weeks notice.
A few reasons why this is so fascinating:
1. More professionals are eyeing new jobs
Because economies have improved over the past 4 years, more professionals are open to new opportunities. Both active job seekers and warm passive talent (professionals who are networking and open to talking to a recruiter) are up from 48% in 2011 to 56% today.
2. People leave different industries for different reasons
While lack of advancement opportunities is the #1 reason why employees leave their employer across the board the, specific reasons vary when you break it down by industry.
For example, many professionals flee the retail and consumer goods industry due to a lack of work/life balance. Trust me, after working in retail for a few years, I know that those holiday busy seasons can be brutal!
3. Understanding what motivates them will help you retain employees
Again, 42% of recent job switchers said that they might have stayed at their company if their employer had done something. These employees cared more about compensation & benefits and recognition & reward than the 58% of employees that wouldn’t have stayed (no matter what).
In other words, employers could have swayed the 42% if they had addressed their concerns. Overall, understanding different motivations for retainable employees will help you keep them around.
Now that you know employee turnover is preventable, you can address the issue head on. Check out these 3 ways to increase employee retention.
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Topics: Employee retention
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