The economy may be improving, but job numbers show it’s a long way from fully bouncing back from pre-recession levels.
According to a survey from Kelly Services, 66 percent of the world’s workforce is looking for a new job and researchers say the employees most likely to leave are a company’s top talent!
Baby Boomers (aged 49-66) are the most likely to switch employers, with a staggering 74 percent planning to look for another position, compared with an extremely troubling 69 percent of Gen X (31-48) and 66 percent of Gen Y (19-30).
An Aflac survey may explain why people are looking for new jobs. The survey found working in a sluggish economy for an extended period has often meant coping with greater demands with fewer staff and lower wages and fewer opportunities for promotion, leaving employees feeling quite restless.
“However, demonstrating they care and showing appreciation in ways that are meaningful to their employees are the most important actions company leaders and HR executives can take to prevent their best workers from walking out the door,” says Audrey Boone Tillman, formerly the Executive Vice President of Corporate Services (and now General Counsel) at Aflac.
Bersin & Associates’ research echoes Tillman’s statement. The firm found that personal fulfillment is the key motivator for employees looking for a job – not financial gain. Employees reported a strong work-life balance with opportunities for personal growth and advancement was more important than salary and benefits.
A company can effectively meet those employees’ needs with a strategic recognition program that provides specific feedback. In fact, Bersin & Associates found that companies with employee recognition programs that are good at engagement have a 31 percent lower voluntary turnover rate vs. their peers with ineffective programs. Yet, only 17 percent of employees said that their organizations’ cultures strongly support recognition, so this retention opportunity is often being squandered.
The study also revealed:
This research reinforces that attracting and keeping top talent is not just about higher wages and better benefits. Instead, employees are looking for fulfilling work with a good team culture that enables them to enjoy better balance, greater meaning and satisfaction from their work.
These are easy fixes and you would be well-served to find ways to create or emphasize these opportunities in your organization.
The post originally appeared in a somewhat different form on OCTanner.com