Poaching is still prevalent. Here are some best practices for retention.
The data shows that employees are less likely to leave their job if their company offers them opportunities to learn new things.
Although the turnover tsunami has eased in recent years, employers must still be on guard against competitors who are poaching their best talent.
The 2023 Trends report from Quantum Workplace - a partner with The Business Journals in Best Places to Work across the country - reveals that.
Quantum, a company that conducts surveys of thousands of employees, found that more than half have received an offer or been recruited by another organization in the last six months.
What is the most important thing employers can learn from this to keep their best talent? Engaging your employees is essential.
The research found that while another employer recruited a similar number of highly engaged employees and non-highly engaged employees, the results were quite different.
Only 11% highly engaged employees interviewed for a new job, and only 5% actively applied for or looked for another job. This is a significant difference at a time where job openings are plentiful.
The most important thing to note is that 90% of highly-engaged workers expect to continue working with their employer in the coming year. This is nearly twice as many employees.
What can employers do to engage their employees?
Money still speaks. Nearly 70% said that more money is the reason they would leave their current job.
The opportunity for career advancement is a close second. Most employees define this as a promotion, or an opportunity to advance.
A lack of career development opportunities is cited by 37% of respondents as a reason to leave their current job. This percentage is higher than the 28% who said that they were unhappy with their pay or 14% who stated that their relationship with their boss was poor.
According to experts, it is common for employers to fail in their efforts to ensure that employees are aware of the career paths available within an organization. This mistake can be avoided.
Anne Maltese is the director of Quantum's people insights. She said, "Trouble begins when expectations don't match reality."
In the survey, 70% of respondents said that no one had discussed their future in their company or their growth during the three months prior to their departure.
Moreover, 53% of respondents said that they were not recognized for their contribution to the organization.
Maltese told me: 'You want to create an environment in which employees feel invested and like they are part of the team.
Quantum's study found that despite the tight talent market, only 54% employees felt they would be recognized for their contributions to the success of the organization.
Best practices for building engagement
Quantum's research revealed several factors that can help keep employees engaged and reduce potential turnover. Here are a few of the most important factors, along with links to stories that share best practices.