CEB Says Fewer Employees Plan To Stay With Their Current Employer Due To Increasing Confidence In The Global Labor Market
Companies Should Offer Greater Growth Opportunities And Recognition To Avoid Costly Attrition
ARLINGTON, Va., June 15, 2017 /PRNewswire/ -- Employees refuse to stay put. In fact, just under 33 percent intend to stay with their current employer, a 1 percent decrease from Q4 2016, according to CEB, now Gartner.
The survey showed employees also aren't working any harder. Data from the CEB Global Talent Monitor show only 16 percent of employees reported high levels of going above and beyond on the job. Employee confidence in the broader business environment increased in Q1 2017 – for the fourth consecutive quarter – suggesting that employees believe they can secure new jobs in the current labor market.
Leaving To Get What They Want
Almost 40 percent of employees who left their jobs in Q1 2017 cite a lack of future career opportunities as the top reason. In addition to desiring greater career growth, employees also want recognition, which moved up two places to enter the top five drivers of attrition.
"In today's tight labor market, employees believe that they have the upper hand when it comes to their employment," said Brian Kropp, HR practice leader at CEB, now Gartner. "That said, employees are finding it difficult to get promoted at their current employer. This is translating to employees quitting their jobs for opportunities at new companies rather than working harder at their current company."
Meeting Employee Needs
Employers, faced with employees who are increasingly open to – and seeking out – new opportunities, must address the needs of their staff in order to avoid costly attrition and retain top talent. With more employees considering external options, organizations need to:
- Provide career growth via experiences, not promotions – Data show that employees will leave an employer if they sense a lack of future career opportunities. To combat this, organizations must design careers around experiences instead of linear promotions. Progressive companies are adopting a growth-based career culture that prioritizes experiences, not simply the pursuit of a more senior title. This allows employees to build their skills and ensures growth opportunities drive career advancement.
- Give recognition when it's due – Recognizing employee contributions is more effective at improving employee engagement and discretionary effort levels than a cash bonus of $500. Leaders need to develop tools to figure out which employees are making impactful contributions and then recognize those individuals publicly, for instance via communications to the entire staff or a post on the company intranet.
Global Talent Monitor data is drawn from CEB's larger Global Labor Market Survey which is made up of more than 22,000 employees in 40 countries. The survey is conducted quarterly and is reflective of market conditions during the quarter preceding publication. Visit www.cebglobal.com/talentmonitor to learn more and compare talent data from around the world.
About CEB, Now Gartner
Leading organizations worldwide rely on CEB services to harness their untapped potential and grow. Now offered by Gartner, CEB best practices and technology solutions equip clients with the intelligence to effectively manage talent, customers, and operations. More information is available at gartner.com/ceb.
About Gartner
Gartner, Inc. (NYSE: IT) is the world's leading research and advisory company. The company helps business leaders across all major functions in every industry and enterprise size with the objective insights they need to make the right decisions. Gartner's comprehensive suite of services delivers strategic advice and proven best practices to help clients succeed in their mission-critical priorities. Gartner is headquartered in Stamford, Connecticut, USA, and has more than 13,000 associates serving clients in 11,000 enterprises in 100 countries. For more information, visit gartner.com.
SOURCE CEB
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