Up to half of your employees may be looking to leave, but they might be willing to stay with the right incentive.
While their strategies to retain good team members vary widely, employers are almost universally concerned about their ability to succeed in these efforts. In a new survey from Robert Half, only 19% of employers say they are “not at all concerned” about their company’s ability to retain valued employees. A third (33%) say they are “very concerned,” and nearly half (48%) say they are “somewhat” concerned. These worries appear to be well-founded, as 43% of workers in the same survey say they plan to look for a new job in the next 12 months.
According to survey respondents, the most popular retention strategies are increasing communication with employees via town hall meetings, surveys, and other venues (46%); improving employee recognition programs (41%); providing professional development (41%); and enhancing compensation and benefits (40%). Other strategies include:
· Providing reimbursement for ongoing education (33%)
· Facilitating mentorship programs (26%)
· Working with interim staff to prevent full-time employees from experiencing burnout (24%)
Nearly a tenth (7%) of employers say they currently have no retention strategies. The survey didn’t determine whether these employers lack such plans because they don’t need them or because they’re not sure what initiatives to target or how to implement them. There also is a possibility that their companies actually are doing something but the respondents are unaware of these efforts.
The survey results suggest that employees who are thinking about leaving could possibly be persuaded to stay. Nearly half (43%) say more money could convince them to keep their jobs, 20% say they’d like more time off, 19% could be swayed by a promotion, and 8% would like a new boss. Only 10% say that nothing could convince them to stay.
The survey results also suggest some regional trends:
· The highest percentage of workers planning to look for a new job are in Sacramento, Miami, Denver, and Austin.
· The fewest job-seekers are in Minneapolis, Philadelphia, Boston, Indianapolis, and Pittsburgh.
· Portland, Charlotte, Indianapolis, and Philadelphia have the most employees who would stay on the job if they earned more money.
· The highest percentage of employees who would keep their current job if they got a promotion are in Los Angeles, Miami, and Tampa.
“Employers can help prevent turnover by learning what motivates their most valued employees and customizing their retention strategies,” said Paul McDonald, senior executive director for Robert Half. “While money is an important motivator, benefits or growth opportunities also are strong enticements.”