Written By: Carissa Gurgul
With unemployment at a record low, there are currently more job openings than there are employees to fill these positions. Although ~82% of surveyed people say they would remain loyal to their current employer, a study by Work Institute predicts that in 2018, 28.6% of employees will leave their jobs. Likewise, ⅓ of employers expect to lose at least one employee by the end of the year, a result of such low unemployment leaving many, often more appealing, positions available. Companies are expected to lose nearly $600 billion in 2018 alone, rising to $680 billion by 2020, as a result of current employees leaving for better work opportunities. The Work Institute study further found that of the 28.6% of people expected to leave their jobs in 2018, employers could have prevented 77% of them from leaving. The first step in employers working to keep their employees with the company is to take the time to listen to employee concerns and to address them as realistically fit. In a similar manner, it is important that employees seek out employers with their concerns if they are considering leaving, as this could be a way to fix these concerns and keep them employed at the company.
With increased levels of stress, partly because of long, demanding hours and high expectations within the workforce, it is important that employers pay attention to the needs and desires of their employees, implementing ways to lessen stress of the job. Actively proving an interest in the well-being of employees will typically make them more interested in staying with the company. Likewise, a common reason for people leaving jobs is negative behavior of managers. The way that employees are treated makes a huge difference to their overall experience, and they will be much more willing to leave if they are unhappy in this regards. It is important to keep a positive work environment, which also means paying attention to the behaviors of authorities that could affect it. Not only are bad behaviors harmful, but better than average behaviors are beneficial to employee satisfaction and company engagement, often leading to a decrease in employee departures. People of authority within the company that directly interact with subordinate employees should foster a positive relationship, while providing good leadership and effective overseeing of these employees to ensure their satisfaction in their position.
Similarly, in addition to employee concerns, it is important that employers pay attention to employee achievements. Constantly focusing on what still needs to be done or what was done wrong will overlook the work of the employees, making them feel underappreciated, often leaving them unhappy and undervalued. Recognizing achievements, or providing other positive feedback, can be a pleasant, mood-lifting surprise for employers. In a like manner, job satisfaction has been seen to be directly related to opportunities for employees to contribute their skills and abilities to their company. According to the 2017 Society for Human Resource Management’s “Employee Job Satisfaction and Engagement” report, ⅗ employees associated job satisfaction with their ability to contribute their skills or ideas to the company, as it makes them feel more useful and valuable. Another reason people often find themselves leaving to find a new job is to break out of the continual cycle they had been in and experience something new. To avoid this, employers can find ways to add variety to jobs, such as monthly crew outings or awards. In conjunction with employee happiness, it is important to keep employees engaged with the company. This engagement will foster a connection between employees and the company and its goals/missions.
Overall, people at large companies are often more likely to stay at their jobs because of opportunity of promotions. In smaller business, there is less room to advance a career, so employees may be more willing to leave the company in order to further their careers. Discussing with employees about their potential career paths in the company is one way to make them feel comfortable about a decision to stay there. In addition, a top reason people are loyal to their employers is because of benefits, such as paid vacation time off, health care, and overall flexibility of the job. A survey conducted by Gallop found that “More than half of workers are willing to change jobs for a position that offers more flexible working hours” (McDonald). Implementing such employee benefits will also benefit employers, as it will incentivize the employees to stay at the company.
With millennials being quick to leave a position they find less than desirable, in conjunction with unemployment being at a record low, it is a particularly important time for employers to focus attention on employee satisfaction, working to prevent unnecessary costs of rehiring. We encourage you to browse our website to explore and take advantage of the opportunities we have available to both employees and employers; it is our goal to contribute to a more successful workforce through our services.
Kline, Daniel B. “Despite Hot Job Market, Most Employees Are Loyal.” The Motley Fool, The Motley Fool, 5 Oct. 2018, https://www.fool.com/careers/2018/10/05/despite-hot-job-market-most-employees-are-loyal.aspx.
McDonald, Paul. “Employee Loyalty Not for Sale.” Workforce, 15 Jan. 2018, https://www.workforce.com/2018/01/15/employee-loyalty-not-sale/.
Miller, Andrea J. “This Is How Your Company Culture Is Hurting Your Team and the Bottom Line.” Entrepreneur, 26 Oct. 2018, https://www.entrepreneur.com/article/321878.
Moran, Gwen. “These Are the Three Things to Invest in to Build Employee Loyalty.” Fast Company, Fast Company, 25 May 2018, https://www.fastcompany.com/40571881/these-are-the-three-things-to-invest-in-to-build-employee-loyalty.
Zwilling, Martin. “6 Strategies To Raise Employee Happiness And Loyalty.” AlleyWatch, 28 Mar. 2018, https://www.alleywatch.com/2018/03/6-strategies-to-raise-employee-happiness-and-loyalty/.