What motivates workers to seek a new job and what makes them want to stay? The answer is deceptively simple. Workers want companies to provide them with fair compensation and benefits, workplace perks and development opportunities that help advance their careers. In other words, invest in your employees and they will be invested in your firm.
A recent study by Indeed explored the views of U.S. workers across industries on job tenure, job change decisions and perceptions about career success. While average job tenure is relatively long (nearly six years) and job satisfaction is high (68 percent), workers indicated that career advancement (41%) and better compensation and benefits (41 percent) were top reasons for switching jobs.
The Key To Retention Is Care
Workers also change roles within the same company – most frequently, workers with longer careers. Seventy percent of people with careers 11-14 years in length have switched roles within the same company. For those looking to climb the ranks at a single firm, career advancement goals (64 percent) outrank salary increases (42 percent).
Given these insights, here are some tips for employers looking to hire and keep new workers:
1) Offer competitive salaries and benefits
To attract talent and motivate workers to stay, employers should ensure that salaries and benefit packages are competitive within their industry and geographical area.
2) Develop programs focused on skill-building
Achievable career paths can encourage employees to stay. Along with manager support of career path options and ensuring employees are learning needed skills for success, mentoring programs may also help.
3) Cultivate a supportive corporate culture
Whether seeking to attract or retain employees, a supportive culture is key. Corporate culture starts at the top and must be ingrained in a company’s hiring and personnel management programs.
4) Recognize achievement with regular promotions and salary increases
Workers report a slight preference for salary increases over promotions. Many workers (45 percent) also say their companies limit salary increases, with fewer (16 percent) reporting limits on promotions. Without promotions or salary increases, workers may decide it’s time to move on.
It all comes down to culture. Companies that see the most recruiting success and best retention rates truly value their employees. To show employees they are valued, firms can support them during their careers by recognizing success and providing a pathway to acquiring the skills needed to take the next step.
This piece was originally published on the SHRM Blog here. Its author, Paul Wolfe, is SVP of Human Resources at Indeed. He oversees all global human resource functions, including talent acquisition, employee retention, compensation, benefits, and employee development.