Talent

Offering a Better Work/Life Balance Is Crucial for Talent Retention

With the competition for talent being so fierce, employers need to show potential candidates that they value their employees’ hard work and talent retention is becoming a huge issue in the world of talent management. While this issue doesn’t directly impact recruiters, showcasing a company’s benefits package not only attracts potential candidates, it helps retain current workers as well. Employers across the country would be wise to listen to what their workers want, in order to keep them sticking around.

work/life

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Newly released research from Randstad US explores the reasons workers choose to stay with their current employers—or leave to seek opportunities elsewhere. The data reveals two primary drivers of behavior: practical elements of a job (such as pay, commute, and paid time off (PTO)), and personal experiences (such as interpersonal relationships and engagement). And of the two, personal experiences may carry more weight than you may think: For instance, 58% of workers say that they’d stay at jobs with lower salaries if that meant working for a great boss.
“Today’s workers have high expectations—and the tight talent market suggests employers should be listening closely,” says Jim Link, Chief Human Resources Officer of Randstad North America. “While salary and PTO will always be factors in attraction, engagement and retention, the intangible benefits and day-to-day experiences at work have risen in importance. If the full spectrum of values—emotional, financial and lifestyle—aren’t being met, workers will easily find opportunities elsewhere.”
According to the research, employees consider leaving their current roles for practical reasons—and tangible benefits—that affect work/life balance

  • Nearly half (46%) are considering leaving their jobs within the next year to join the gig economy.
  • Sixty-four percent would consider leaving for opportunities in better locations.
  • Most (82%) expect pay raises every year to stay with their current employers.
  • Sixty-three percent wouldn’t consider job opportunities that offer fewer than 15 paid vacation days annually.
  • Over a third (36%) are considering leaving their current jobs because they don’t have the ability to work remotely.

However, workers reported leaving for reasons tied to negative personal experiences, often related to poor workplace culture—something that could be improved with better leadership. Randstad research shows that relationships and respect are what cause employees to walk out the door.

  • More than half (59%) feel their companies view profits or revenues as more important than how people are treated.
  • Sixty percent have left jobs, or are considering leaving, because they don’t like their direct supervisors.
  • Fifty-three percent have left jobs, or considered leaving, because they believe their employers don’t recruit or retain high-performing individuals.

Randstad also found that workers aren’t happy unless they’re reaching their fullest career potential.

  • Fifty-eight percent of workers agree their companies don’t currently have enough growth opportunities for them to stay longer term.
  • Sixty-nine percent would be more satisfied if their employers better utilized their skills and abilities.
  • More than half (57%) say they need to leave their current companies in order to take their careers to the next level.

Furthermore, Randstad found that work environment and reputation can be deal-breakers.

  • Thirty-eight percent of workers want to leave their jobs due to a toxic work culture or one where they don’t feel they fit in.
  • An even larger group (58%) have left jobs, or are considering leaving, because of negative office politics.
  • Forty-six percent say their teams/departments are understaffed, so they are seeking or considering employment elsewhere.
  • Most (86%) would not apply for or continue to work for a company that has a bad reputation with former employees or the general public, and 65% would likely leave if their employers were being negatively portrayed in the news or on social media because of a crisis or negative business practices.

Finally, and unfortunately for some employers, Randstad uncovered that when employees stay, it’s not necessarily because they love their jobs.

  • Half (54%) of employees (both men and women) feel pressure to stay at jobs they don’t enjoy because they are the primary financial providers for their families.
  • Seventy-one percent admit they stay in their current jobs because it’s easier than starting something new.
  • Seventy-eight percent of workers say their benefits packages are as important as their salaries in keeping them at their current employers.
  • Fifty-six percent don’t seek out or consider other job opportunities because they’d have to start with less paid time off.

Are you driving away your best workers? Learn more about what managers can (and can’t) control about employee turnover by viewing the full report, here.