If you think that your best employees aren’t dreaming of greener pastures, you could be facing a turnover nightmare.
Job loyalty may be on the downswing, according to a new survey. Of full-time workers who changed jobs in the past two years, 88% say they are willing to consider a new employment opportunity; and about a third say they are actively seeking a new job. These numbers are up about 8% from the same survey last year.
The motivating factors to seeking greener pastures seem to be pay and culture. According to the survey results:
- 61% of respondents say that a 9% pay boost could tempt them to take a new job. Gen Zers (35.3%) are most likely to leave for money, while baby boomers (21.1%) are least likely.
- 30% say being underpaid would encourage them to seek new employment.
- 29% say a bad boss would speed their departure, with younger workers particularly likely to jump ship for this reason.
- 7% of respondents say “you should always be looking for new job opportunities,” while 50.4% say it’s appropriate to start job-hunting after a 1- to 2-year tenure with an employer.
Employees are more likely to seek new opportunities if they feel lied to or betrayed in some way by their current employer. Survey respondents indicated that they feel their current employers misrepresented or exaggerated:
- Advancement opportunities (42.2%)
- Overall workload (38.9%)
- Schedule flexibility (36.2%)
- Job responsibilities/duties (35.9%)
- Career/skills development (32.3%)
Of those workers who say they plan to stay at their current job, the reasons include:
- A feeling of loyalty to their team, boss, or company (66%)
- Belief that the money is better where they are (39%)
Nonetheless, almost 58% of respondents say that a pay increase would entice them to leave their current employer, a 33% increase from last year’s survey.
In light of these numbers, the survey authors suggest asking yourself a few questions:
- Do your talent searches include those professionals who are currently employed–both in-house and outside of your organization?
- Are your best employees tempted to leave for other opportunities?
- Are you taking the right steps to keep your best employees?
- Are you prepared to fill specialized roles if your expert professionals leave?
Based on survey results, the authors also offered some tips on how to attract good people who are more likely to stay:
- Consolidate application and interview processes. Avoid repetitive steps and questions. Over 30% of respondents say filling out repeated applications is the worst part of the hiring process.
- Keep the hiring process to no more than two interviews (including phone interviews) when possible. Over 80% of respondents say that the process from interview to offer should take no more than two weeks.
- Shorten the feedback loop. Over two-thirds of respondents say that they expect feedback within a week of a final interview.
- Consider the most important aspects of an attractive job offer, which respondents say are (in order) salary/pay/compensation, traditional benefits, opportunity for growth/advancement, company culture, and alternative benefits (remote work/flexible schedules, etc.).
- Look outside your geographic region. Of those workers actively seeking new jobs, 75% say they are willing to relocate for the right opportunity.
- Deliver your offer the “right way.” Over three-quarters (76.2%) of respondents prefer that a formal offer come via email, 50.7% want a phone call, 32.1% prefer a text, and 31.4% say a social media platform such as LinkedIn is best.
