We’ve discussed the employee engagement roadmap as a means of shoring up retention here before. Regular surveys and interviews are a big part of keeping your best people in place, because it’s a means of taking employee temperatures.
Shaky engagement is a key factor in why employees leave companies in 2018, but everyone’s different. It comes as no surprise that many employees right now are seeking superior compensation and benefits when contemplating leaving their current employers. This factor accounts for 24% of those seeking a move.
But what are the other factors?
Churn is a trend
Let’s face it. Employee churn costs companies money. Glassdoor (a large employment and recruitment online portal) has recently revealed that 35% of 750 employers surveyed are expecting a whopping 35% of their employees to move on this year.
A second, informal survey has uncovered why this is the case. Conducted by an online recruitment resource, the results show that while compensation has much to do with employee churn, it’s closely followed by three other factors, evenly distributed as reasons cited for moving on.
Increased opportunity for career growth edged out more supportive management and a flexible work schedule by a percentage point.
The prospect of advancing in one’s career is an important one to many people today. Millennials are keenly interested in this aspect of work and eager to push their careers ahead as quickly as possible.
But “supportive management” can mean different things to different people. Certainly, this factor can be reflected in management’s willingness to accommodate employee preferences like a casual workplace culture with amenities and benefits that speak to them as individuals. It may also overlap with flexible scheduling.
The “just do your job” culture of years gone by is rapidly fading away. Employees now want to be supported by management that clearly values them.
Finally, a small group of employees wants employment that offers them training and development. Why this factor came in at only 3% of respondents is most likely due to a trend toward self-development.
About more than money
The quest for supportive management may not have the same profile in the Glassdoor study or the informal survey cited above as the other factors cited. But it matters, as it speaks to workplace cultures which have become entrenched and require reform.
Factors like flexible scheduling, workplace amenities and engagement with colleagues all mesh with this one factor. When change is needed, it may be prompted by feedback from the grassroots of any given organization, but it’s achieved in a top down strategy.
As we noted in the post about employee engagement roadmaps, these can play a crucial role in reforming culture based on information intentionally gleaned from employees. Knowing the level of engagement in your organization is key to understanding why the churn is occurring and to stemming it.
Precedent HR is setting the standard with Applicant Tracking and Management that helps you find and retain top talent.
If you’re ready to stem the churn, contact us to schedule a demonstration.