Are Your Employees Planning to Leave in 2017?
If you manage a team of five or more people, chances are at least one of your direct reports are considering a change of employers in the next ten months. According to the latest CareerBuilder survey, more than one in five American workers, or 22 percent, are planning to change jobs in 2017. Among younger workers the numbers are even higher. Regardless of your notion about the economy’s growth, the numbers suggest a positive outlook and companies should be cautious.
Job Satisfaction Declined
CareerBuilder surveyed 3,411 full-time employees of varying industries and company sizes in the private sector, and found that a drop in job satisfaction may be a leading cause of the high turnover expectancy. The survey found 35 percent of workers are searching for new job opportunities regularly, even though they’re currently employed.
Among millennial job seekers aged 18 to 34, 35 percent expect to change jobs this year. Compare this to only 15 percent of workers above the age of 35.
While these numbers may not shock you, people – no matter their age group – are more likely to risk leaving a job when chances of finding other work are positive. With a healthier economy, there’s cause for concern. In addition, employee turnover drains the employer’s pocketbook. The estimated average cost of losing an employee is one and a half times his or her burdened salary, and three times that for top performers.
As managers, how can you deflate these numbers and retain your performers? How do you redirect workers’ focus back to your company and away from the competition?
Simple: Having a clear vision in place and defining how employees fit into the bigger picture is one of the most valuable solutions you can adopt.
In addition, offer regular feedback and recognition, develop ongoing training programs, give bonuses or incentives whenever possible and make it a priority to create a good company culture.
According to another CareerBuilder survey, several factors contribute to employees staying in their jobs. Among them are:
- Liking co-workers, 54 percent
- Having a boss who cares, 32 percent
- Feeling valued and being recognized, 29 percent
The need for talent management software is real. Utilize a technology tool that gives you the power to execute performance reviews that align your workforce’s goals with those of your organization. This strategic goal setting helps preventing the exit of employees who don’t feel appreciated.
Performance reviews allow employers a way to show employees that they are valued. By crossing the top reasons for employee dissatisfaction off the list, you are well on your way to keeping your employees.
Tags: Employee Dissatisfaction, Employee Retention, Employee Turnover, Job Satisfaction, What Employees Want
Posted in Blog, Employee Engagement, Featured, HR Management, Leadership, Talent Management, What Employees Want