* Highlights from study: "Why Employees Walk: 2005 Retention Initiatives Report"
When workers’ needs regarding career advancement, the relationship with their manager and training aren’t being met, they’re more likely to split than when their salary and benefits are poor, according to Hudson’s latest report on retention.
The professional staffing firm’s study, “Why Employees Walk: 2005 Retention Initiatives Report,” is based on interviews with 10,000 workers. Among the highlights:
* One-third of the workforce is actively job searching or has an updated resume and would consider job offers.
* Of those surveyed who say their employers are doing a poor job of meeting their needs for career advancement, 41% are actively seeking new work.
* Among workers who place importance on their relationship with their managers, 37% of those who say their company is doing a poor job in that area are actively seeking work. Training, too, is a potential turnover trouble spot. Of those that consider training very important and are unhappy with their employers’ offerings, 36% are looking for greener pastures.
* Half of the workplace expects to change jobs within the next five years, while 36% expect to make the switch in less than three years.
“While monetary considerations continue to be key elements in retaining talent, other, often intangible, factors can play a significant role in an employee’s decision to stay with or leave an organization,” says Robert Morgan, COO of Hudson Human Capital Solutions. “As employers confront issues of continually rising healthcare costs and restricted salary budgets, they should consider implementing programs such as flexible working arrangements and manager training initiatives as a way to reduce turnover.”
To download the full report, click here.
