A new study is indicating that career growth is a top motivating factor of employees who seek greener pastures at other organizations—more so than money. Are your training and development opportunities structured to maximize retention?
As American companies grapple to retain top talent, Randstad US has released the results of its most recent Employer Branding Survey, which uncovers four key factors impacting employee attraction and retention. Randstad’s 2015 Employer Branding Survey arms U.S. companies with specific areas they can address to minimize employee turnover in today’s competitive talent market.
Trend #1: A lack of career path, not salary, is the number one reason employees leave their jobs.
Employers beware: Employees who have left their jobs in the past 12 months cite lack of career growth opportunities (26%) as the primary reason for leaving a company, followed by low compensation (23%) and poor leadership (19%).
This finding underscores why companies must enhance retention strategies with more customized career paths designed to empower employees to capture coveted roles. These types of personalized plans create more engaged employees who feel as though their organization is committed to their success.
Trend #2: Facebook, not LinkedIn, is the number one social media tool used for job searches.
Forty-two percent of respondents use social networking sites to search for jobs. Contrary to popular belief, Facebook, not LinkedIn, is the most widely used social media tool for searching for a new job (70% vs. 49%, respectively). Therefore, employers that maximize the benefits of Facebook as a talent acquisition platform can potentially strengthen their online recruitment strategies.
Trend #3: A strong work/life balance is the leading factor for employee retention.
When asked what factor would encourage them to stay at their current companies, 48% of respondents selected work/life balance as their primary motivator, followed by competitive salary (34%).
These data show nearly half of employees place high value on having time and relationships outside of the office. Consequently, if that balance does not exist, employees may be more likely to pursue other employment elsewhere.
Trend #4: More than any other generation, Millennials are likely to look for a new opportunity if they do not feel engaged in their current positions.
Millennials scored 10 percentage points higher (34%) than the average (24%) when asked if lack of interest in their current jobs was a factor when considering changing jobs.
According to Jim Link, chief HR officer of Randstad North America, employers currently have a huge opportunity to strengthen their retention strategies by implementing more structured, personalized career paths for employees and, especially, for Millennials.
“Transparent communication about how employees’ contributions impact their career opportunities is especially important to Millennials, because these individuals clearly want to know they are contributing to the company’s bottom line and core business goals. A little attention spent on defining career growth can go a long way for employers who want to keep their best talent on board for the longer term,” says Link.
Visit the Randstad website for more information about the Randstad Employer Branding Survey and how to engage and retain current talent.