Are Employers Missing Retention Red Flags?

Survey: More Than 4 in 10 Workers Considering Quitting; Executives Don't Recognize Why

MENLO PARK, Calif., May 17, 2017 /PRNewswire/ -- More than four in 10 workers (42 percent) in a new survey from global staffing firm Robert Half said they're likely to look for a new job within the next year. For respondents ages 18 to 34, the number likely to seek new employment in the next 12 months jumps to 68 percent.

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Part of the retention challenge for executives is understanding why a good employee might want to leave. Inadequate salary and benefits is the top reason workers said they would quit. However, CFOs reported the number-one reason they think good employees would resign is limited growth potential.

"Once turnover begins, it's often too late to stop it," said Robert Half senior executive director Paul McDonald. "Employers should not assume their teams are content. They need a pulse on how employees truly feel about their job and the company, and a willingness to take action when necessary."

Employees were asked, "How likely are you to look for a new job in the next 12 months?" Their responses*:

Very likely

17%

Somewhat likely

25%

Somewhat unlikely

28%

Very unlikely

29%


99%

*Responses do not total 100 percent due to rounding.

 


CFOs were asked, "Which
one of the following is most
likely to cause good
employees to quit their
jobs?"
*

Workers were
asked, "Which one
of the following is
most likely to cause
you to quit your job?"

Limited opportunities for career growth or advancement

27%

14%

Inadequate salary and benefits

23%

39%

Bored with job

18%

10%

Unhappiness with management

13%

25%

Overworked

10%

9%

Lack of recognition

8%

3%

Don't know

2%

0%


101%

100%

*Responses do not total 100 percent due to rounding.

 

View a slideshow of the full survey findings, including where companies experience the most turnover and steps they're taking to retain staff.

Managers of financial teams don't seem overly concerned about turnover. More than half (54 percent) of CFOs said they have no retention worries, and only 9 percent are very concerned about employee turnover.

"Retention should be an ongoing focus," McDonald added. "Accounting and finance professionals have more job opportunities today and, if they leave, are harder to replace."

Robert Half highlights five tips to reduce turnover:

  1. Gauge job satisfaction. Don't presume all is well. Ask people what they think about their work, such as how interesting or challenging they find it. Regular one-on-one meetings are effective, but for brutally honest feedback, such as worker happiness with management, consider conducting an anonymous survey.
  2. Increase salaries. It's no secret that money talks — and persuades or changes minds. If it's been some time since you've evaluated your company's compensation structure, benchmark current employee wages against sources like the Robert Half Salary Guides. Strive to offer above-average compensation for your city and industry.
  3. Leverage bonuses. These financial incentives are one way to retain highly skilled team members, especially if your company is undergoing a major change like a merger or acquisition. In addition to merit-based rewards, look for opportunities to award spot bonuses following key projects or periods of extraordinary performance.
  4. Help employees recharge. Even well-compensated staff are more likely to quit if they're continually stressed and overworked. Increase the chances of keeping staff by allowing them the freedom they crave. Think autonomy, flextime, remote work, on-site amenities and generous paid time off.
  5. Show them the way. If employees don't see an obvious path upward within the company, they'll make their own way — out the door. Keep today's top performers and tomorrow's leaders motivated by having regular discussions about in-house growth prospects, as well as your company's willingness to invest in their future.

Watch this video for more employer retention tips.

About the Research
The surveys were developed by Robert Half and conducted by independent research firms. The survey of workers includes responses from more than 1,000 U.S. professionals age 18 and over and employed in office environments. The CFO survey is based on telephone interviews with more than 2,200 CFOs from a stratified random sample of companies in more than 20 of the largest U.S. metropolitan areas.

About Robert Half
Founded in 1948, Robert Half is the world's first and largest specialized staffing firm. The company has 325 staffing locations worldwide and offers job search services on its divisional websites, all of which can be accessed at roberthalf.com. For career and hiring advice, visit the Robert Half Blog at roberthalf.com/blog.

Photo courtesy of Quentin Bacon, San Francisco

 

Robert Half

 

SOURCE Robert Half

For further information: Lisa Amstutz, (650) 234-6246, lisa.amstutz@roberthalf.com


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