The turnover tsunami may have eased over the past year, but employers still need to be vigilant when it comes to competitors poaching their talent.
That’s according to the 2023 Trends Report from Quantum Workplace, which partners with The Business Journals on Best Places to Work programs around the nation.
Based on surveys with thousands of workers, Quantum found more than half of respondents have been recruited or received offers from another organization within the past six months.
The big takeaway for employers looking to retain their top talent? Keeping your employees engaged is paramount.
According to the research, while a similar share of highly engaged and not highly engaged employees have been recruited by another employer, there were significant differences in how those efforts were received.
Only 11% of highly engaged employees actually interviewed for a job at a different organization, and only 5% of highly engaged employees said they were actively applying for or looking for other jobs — a big distinction at a time when job openings remain plentiful.
Perhaps most importantly, 90% of highly engaged workers expect be working at their current employer for the next year, nearly double the rate of other employees.
So what can employers do to keep workers highly engaged?
Not surprisingly, money still talks. Nearly 70% of employees said more pay is a factor they’d leave for.
Closely behind is the opportunity for career development, which most employees defined as a promotion or opportunities for advancement.
Additionally, 37% of survey respondents said a lack of career-development opportunities was a reason for leaving their job — an even higher percentage than those who cited fair pay (28%) or poor relationship with their manager (14%).
Experts say failure to help employees understand their career path within the organization is a common but preventable mistake.
“Trouble starts when reality doesn’t align with expectations,” said Anne Maltese, director of people insights at Quantum.
The survey found 70% of employees said no one in their organization had a discussion about their future or growth in the three months before their departure.
Additionally, 53% said they weren’t recognized for their contributions to the organization.
“You’re striving for an environment where employees feel they belong and are invested in,” Maltese said.
Despite the tight talent environment, Quantum’s research found only 54% of employees said they feel they’d be recognized if they contribute to the organization’s success.
Best practices for building engagement
Quantum’s survey highlighted several factors that contribute to keeping employees engaged and reducing potential turnover. Here are some of the top factors and links to our stories sharing best practices:
- Building trust in the organization: Experts say trust is particularly pivotal in hybrid work environments where employees may not see their manager every day. Here are some best practices for building trust in a hybrid environment.
- Helping employees see career-development opportunities: In a tight market for talent, showcasing the potential for advancing within an organization is critical. Here are a few ways employers can ensure workers feel they have career development paths.
- Supporting employee wellness: The pandemic ushered in a new era of focus on health and well-being for employees and employers alike, and it has become a big factor in engagement. Here’s how employers can invest in the wellness of their workers.
Blog made by Ty West