“Should I Stay or Should I Go?”
That song by The Clash is the soundtrack for many employees as they consider changing jobs. “If I go, there will be trouble. And if I stay it will be double.”
Trouble, double trouble or no trouble at all, employees leave their current positions for a wide variety of reasons. Most, however, can be placed into one of two categories:
According to a recent study released by Randstad US, personal experiences may carry a heavier weight than HR professionals previously thought. For example, 58 percent of workers said they would stay at a job with lower salaries if that meant working for a boss they like.
Does this surprise you? It shouldn’t. Our 2018 State of Workplace Empathy study found a similar correlation between employees’ overall job happiness and workplace empathy. Our study found that 90 percent of employees are more likely to stay with an organization that empathizes with their needs.
Clearly, there’s a disconnect. Employers seem to focus on pay, while employees are looking for a better experience.
“Today’s workers have high expectations — and the tight talent market suggests employers should be listening closely,” said Jim Link, CHRO of Randstand North American. “While salary and PTO will always be factors in attraction, engagement and retention, the intangible benefits and day-to-day experiences at work have risen in importance. If the full spectrum of values — emotional, financial and lifestyle — aren’t being met, workers will easily find opportunities elsewhere.”
The data highlights a few trends. Employees want more flexible schedules, better relationships with their supervisors, more opportunities to advance their careers, and better benefits packages. Here are some of the numbers:
It’s important to call out, that many employees consider their benefits packages as the main reason they stay at an organization. And with rising healthcare costs, ageing parents, student loans, and in some cases, stagnant wage growth, it’s no wonder certain benefits packages could lure your employees away to a more supportive organization. Plus, since many employees don’t know about their benefits, communication techniques will be key to your AE strategy for next year.
Offering the right benefits at the right time in your employees’ lives is easier when you rely on the massive amounts of data you are collecting during this enrollment season. So don’t leave your benefits up to chance. Start analyzing the data now, to start assessing if you need to adjust your offerings for better recruitment and retainment strategies. Don’t know where to start with your data analysis?
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