A recent Randstad Survey of 11,000 U.S. workers uncovers four factors to help companies enhance their employee attraction and retention strategies. As American companies grapple to retain top talent, Randstad’s most recent Employer Branding Survey identifies specific areas employers can address to minimize employee turnover in today’s competitive talent market.
Trend #1: A lack of career path, not salary, is the number one reason employees leave their jobs
Employers beware: employees who have left their jobs in the past 12 months cite lack of career growth opportunities (26 percent) as the primary reason for leaving a company, followed by low compensation (23 percent) and poor leadership (19 percent). This finding underscores why companies must enhance retention strategies with more customized career paths designed to empower employees to capture coveted roles. These types of personalized plans create more engaged employees who feel as though their organization is committed to their success.
Trend #2: Facebook, not LinkedIn, is the number one social media tool used for job searches
Forty-two percent of respondents use social networking sites to search for jobs. Contrary to popular belief, Facebook, not LinkedIn, is the most widely used social media tool for searching for a new job (70 percent vs. 49 percent, respectively). Therefore, employers who maximize the benefits of Facebook as a talent acquisition platform can potentially strengthen their online recruitment strategies.
Trend #3: A strong work/life balance is the leading factor for employee retention
When asked what factor would encourage them to stay at their current companies, 48 percent of respondents selected work/life balance as the primary motivator, followed by competitive salary (34 percent). This data shows nearly half of employees place high value on having time and relationships outside of the office. Consequently, if that balance does not exist, employees may be more likely to pursue other employment elsewhere.
Trend #4: More than any other generation, millennials are likely to look for a new opportunity if they do not feel engaged in their current positions
Millennials scored 10 percentage points higher (34 percent) than the average (24 percent) when asked if lack of interest in their current jobs was a factor when considering changing jobs. Randstad points out that transparent communication about how employees’ contributions impact their career opportunities is especially important to millennials, because these individuals clearly want to know they are contributing to the company’s bottom line and core business goals.