A national turnover report surveys the top reasons why workers choose to quit. Hint: There’s more to it than money.
More employees than ever are choosing to walk away from their jobs, putting pressure on HR teams to get a better understanding of what contributes to job satisfaction. In long-term and post-acute care (LTPAC), turnover rates are among the highest of any industry nationwide, exacerbated by severe pay disparities and a shortage of properly trained candidates.
So, what inspires an employee to stay? Surprisingly, it’s about more than money.
The 2018 Retention Report, released by the Work Institute, examined more than 234,000 exit interviews to determine the nation’s top 50 reasons why employees choose to leave their jobs. While pay, benefits and work/life balance all made the top five list, the No. 1 reason why people chose to leave a job wasn’t about money—it was the lack of career development.
Another key stat in the report focused on HR and training. Nearly 40% of those who leave their jobs will quit within the first 12 months, the highest year-one turnover rate since 2010. The volatility of the first employment year for extra emphasis on onboarding, entry training and frequent touch point to engage the employee and gather feedback on training or acclimation needs, the report indicates.
Turnover is expensive, and the costs are on the rise. Employers can expect to pay $680 billion in turnover-associated costs by 2020, the Retention Report notes. The sobering national statistics call for closer attention to what employees value and in providing ways to gather feedback from employees before problems get out of hand.
The ball is firmly in the court of HR and personnel managers, noted by the most glaring estimate in the report: The Work Institute predicts that some 42 million people nationally will leave their jobs this year, and a whopping 77% of that turnover could have been prevented by employers.
The Top 5 categories for turnover
- Lack of career development—No opportunity to grow in a preferred job and career. (21%)
- Work/life balance—Another job offers better work/life balance, including more favorable schedules, shorter commute times and scheduling flexibility. (13%)
- Manager behavior—Unprofessional or unsupportive managers. (11%)
- Well-Being—Personal or family health issues. (9%)
- Compensation and benefits—Pay was cited more often than benefits. (9%)