Mercer, with offices in Chicago and Deerfield, recently released the results of their What’s Working™ survey of more than 2,400 U.S. employees. They found that compared to past surveys, employees feel less committed to their employers and less satisfied. 33% are seriously looking to leave with an even higher percentage of younger workers at risk of leaving (40%).
Deloitte, also with a local presence, presented results of their survey of 356 employees in Talent Edge 2020, revealing startling findings that only 35% of employees expect to stay with their current employer putting the remaining 65% on the job market.
If these statistics are true, companies could be approaching a crisis as their most talented employees leave for other positions – maybe to work for their competitors. Smart employers will be proactive in an effort to prevent a mass exodus of their best and brightest.
Following is a high level summary from Deloitte outlining the most significant actions your company can take to reduce the risk of unwanted attrition.
According to Deloitte’s report, the top three retention incentives are:
- promotion/job advancement,
- additional compensation, and
- additional bonuses or other financial incentives.
Improving employee recognition was also identified as an effective retention strategy.
Deloitte emphasized strong talent programs including clear career paths, development of a robust leadership pipeline and a focus on top performers. They also discussed inspiring trust in leadership and communicating effectively.
Generational differences were noted, however all groups cited compensation as a major retention factor. The most important additional components for each group are listed below.
Veterans (over age 65): benefits, flexible work, and corporate social responsibility
Baby Boomers (ages 45-64): benefits and strong leadership/organizational support
Generation X (ages 30-44): strong leadership/organizational support, career planning, and succession planning
Generation Y (under age 30): culture, flexible work, training, and recognition
People are a key aspect of every company’s competitive advantage. Make sure your organization is able to retain its most important resource.
If you are interested in reading the full reports, the links are provided below.