According to a new survey, employee loyalty may be in short supply as workers seek benefits and a company culture that fit them.
Just 27% of 2,000 respondents to a recent survey (US and Canadian employees) said that they have no interest in changing jobs. Thirty-seven percent (37%) of respondents said they are either casually or actively seeking new employment. An additional 36% said that they’re not currently job hunting but would consider a new position if presented with an opportunity.
When asked why they stay at their current job, respondents cited benefits as their top reason (30%), followed closely by compensation (29%), solid relationships (28%), and security (27%).
Based on the survey results, improving succession planning may present a retention opportunity for employers. Only 41% of respondents said their employer makes any real effort to groom and prepare people to move up the ladder as higher-ups leave or retire. If employees think they need the leave your company for career growth, it can create a revolving door for staffing, instead of encouraging loyalty.
While employees who have been with their company less than a year said they imagined staying for 8.5 years, that number dropped to 5.5 for employees with a 1-3-year tenure. However, that number bounced back for employees with 5-10 years invested in the company.
Some employers see longer onboarding programs as key to getting and keeping employees engaged and enhancing loyalty in that first pivotal year. In a survey of 312 HR leaders in the US, Canada, and Mexico, 70% of respondents said their organizations plan to step-up their onboarding efforts over the next three years.
All of this points to some opportunities for HR professionals:
· Create flexible retention strategies that are unique to your organization and your employees.
· Make sure employees know what to expect regarding compensation, promotions, etc. over time.
· Support employees holistically; address their financial, physical, social, and emotional well-being.
· Find ways to motivate and challenge employees, even if that doesn’t mean a promotion.
· Let each employee know the positive impact he or she has on company successes and outcomes.
· Focus on benefits/reasons why employees stay; promote these on social media and in other company communications.
With turnover in the health care industry at 20.4%, competition is tougher than ever. But your creativity, your company’s strengths, and your employees’ insights can help you create a culture and design programs that inspire loyalty.