42 percent of respondents have searched for or considered other jobs in the past 60 days.
Nashville, TN (PRWEB) April 27, 2017
A report released this week by TechnologyAdvice suggests that 42 percent of U.S. employees have searched for or considered other jobs in the past 60 days, and roughly one-in-five have specific plans to leave their current company.
The “2017 State of Employee Satisfaction and Loyalty” is based on a nationwide survey of 360 full-time employees conducted during March of 2017. The survey is designed to shed light on challenges employers face in hiring, engaging, and retaining top talent.
Though nearly half of respondents admitted to considering new job opportunities, the outlook for satisfaction and loyalty is positive. A combined 67 percent described themselves as “satisfied” or “very satisfied,” and 75 percent as “loyal” or “very loyal” to their current employer. This obvious discrepancy between attitude and action may reflect larger market forces (e.g. higher costs of living, urbanization, student loan debt) more than it reflects the inadequacies of employers, but that doesn't negate the seriousness of the challenge.
Among other discoveries, the report found that 57 percent of employees consider themselves above-average performers, but only 16 percent say their employers reward above-average work on a regular basis — a clear opportunity to implement performance review processes and incentive programs. Top employee grievances include low pay or lack of benefits (20 percent), career development/organizational hierarchy (16 percent), issues with leadership (13 percent), and poor communication (12 percent).
The survey singles out the millennial demographic as a slightly higher-risk group for turnover, with 27 percent admitting specific plans to leave their job. The owner/executive category, on the other hand, reports extremely high levels of contentment and fidelity, with only three percent noting specific plans to leave their job. 93 percent of owners/executives describe themselves as “loyal” or “very loyal” to their company.
In the full report, TechnologyAdvice provides detailed analysis of each major finding and a list of recommendations for employers:
1. Institute a formal performance review process, with incentives
2. Hold regular, face-to-face check-ins with employees
3. Reassess employee salaries and wages on a quarterly basis
4. Build rapport between managers and teams through effective communication
5. Reassess human resource management technology
“In a healthy organization, [performance, feedback, and rewards] form an unbroken chain that keeps employees engaged and motivated,” the report suggests. “Low performance results in negative feedback and coaching, which leads to higher performance, positive feedback, and tangible rewards.”
This chain may be the key to mitigating turnover and growing your employer brand into one that attracts the market’s best talent. To read the full “2017 State of Employee Satisfaction and Loyalty” report, visit http://technologyadvice.com/blog/human-resources/2017-state-of-employee-satisfaction-and-loyalty.
TechnologyAdvice is dedicated to educating, advising, and connecting buyers and sellers of business technology. Through unbiased research, careful analysis, and crowd-sourced product reviews in more than 90 software verticals, the firm helps buyers find the best solutions for their business. Based in Nashville, Tenn., TechnologyAdvice was named to the top half of the Inc. 5000 list of America’s Fastest-Growing Private Companies in 2014, 2015, and 2016, and the Tennessean's Top Places to Work in 2015 and 2016.