By Rieva Lesonsky
Are your employees going to stay with your business as the economy improves and more job opportunities arise? This is a crucial consideration for small businesses, who can ill afford the time it takes to lose the knowledge of key employees, or to find and train new workers to replace them.
Recent findings from Deloitte’s Talent Edge 2020 survey series, which polled more than 350 employees at large companies worldwide, give some insights into employee attitudes toward the workforce. What interested me about this study is that it’s not just the state of the economy, but the generation of the worker, that is affecting their outlook about their jobs. In other words, employees in different age ranges have different frustrations and needs that will affect whether they stay with their current employers or attempt to leave.
Deloitte found that many companies are failing to address the critical needs and potential frustrations of their employees, and often do not have a realistic picture of how employees see them. Since this survey was targeted at big companies, this means opportunity for your business to address the issues that big firms are not.
The report found that employees aren’t waiting for things to improve—they are already actively testing the job market. Only 35% of employees surveyed expect to remain with their current employers, while nearly two out of three (65%) want to leave their current employers.
What are they looking for? Among employees surveyed who are actively or passively seeking out new employers, 53% say the prospect of job advancement or promotion would convince them to stay with their current employers. But there are some significant differences among generations when it comes to what triggers employees to stay or leave.
Baby Boomers expressed the greatest discontent with their employers. They were frustrated that their loyalty and hard work has been neither recognized nor rewarded. Nearly one-third (32%) of Baby Boomers also cited lack of trust in leadership as a key turnover trigger. In fact, this was their top-ranked reason to leave a job, and the highest percentage of any generation citing this issue.
While Boomers may be unhappy, Generation X employees are the most likely group to actually be considering exit from their current jobs. Only 28% of surveyed Gen Xers say they plan to stay with their current employers. What’s the biggest turnover trigger for them? Lack of career progress, cited by 65%. Generation X is at the time of life when they want to see forward movement.
Millennials’ idea of a good workplace differs sharply from the other generations. They are more likely to consider their employers’ commitment to “corporate responsibility/volunteerism” and a “fun work environment” important.
What do employees think of their workplace? Very few employees described their employers’ overall retention efforts as “world-class” or even “very good.” However, survey results show that employers who make an effort to keep their employees satisfied will be rewarded with employees who are far more likely to remain in their jobs.
Image by Flickr user mtellin (Creative Commons)
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