Seems like the Great Resignation might not be entirely finished, as a new survey found that 82% of employees are currently planning to move jobs within the next 12 months.
Over the last few years, employees in virtually every single industry were calling it quits, resigning in record numbers. However, with the recession looming and companies laying off employees like it's going out of style, you'd think employees would be more prone to staying put.
That is clearly not the case, though, as a new survey of 750 professionals point to a troubling trend for companies that value employee retention.
82% of Employees Are Planning to Move Jobs in 12 Months
According to the survey from Leapsome — titled the State of People Enablement Report — 11% of respondents plan to move job in three months, 35% plan to do so within six months, and 35% plan to do so in one year, for a grand total of 82% of employees planning to move jobs in the next 12 months.
“Even with the challenging macroeconomic environment, employees are taking matters into their own hands.” – Jenny von Podewils & Kajetan von Armansperg, authors of the report
So, what is causing employees to plan for their future at another company? It's not rocket science; employees cited compensation (76%) and work-life balance (74%) as the primary reasons they want to move on. This echos study after study that has shown paying your team more and giving them more flexible schedules improves retention and even productivity.
How to Retain Employees
It's no secret that employee retention is a valuable metric for any business. New employees cost more while slowing productivity down, which means you want to keep your employees happy to keep your bottom-line looking good.
So how do you do it? Well, for starters, you could pay your employees more and you could provide them with better work-life balance through flexible schedules. You could even try out the 4-day work week, which has been a popular option for businesses, with studies showing that it works quite well at improving productivity and retaining employees.
The report from Leapsome also found that business technology can help, with HR representatives (84%) and employees (87%) agreeing that tools like project management software, CRMs, and other “people enablement” tools benefit the overall work experience. Unfortunately, that likely won't be enough to keep top talent at your business.
“It’s clear that a digital solution is not a panacea — it needs to be underpinned by a strong culture and well-designed internal processes to unlock its full potential.”
Simply put, there is no easy fix when it comes to employee retention but increased pay and work-life balance are definitely the best place to start. Because all the perks in the world aren't going to sway any employee to stay if they're having trouble paying their bills or making appointments.
