As 2014 draws to a close, HR professionals from hither and yon are pulling together end of the year reports and reviewing their dashboards to recap ‘the year that was.’ The historical data being reviewed covers the entire employee life cycle from number of hires to time-to-fill all the way to turnover and retention.
Beginning to end.
But the information that lies within and underneath the numbers is often never gathered. We don’t do a very good job of evaluating why our time-to-fill rate has moved from 39 days to 41 days. We also, sadly, don’t do a very good job of understanding the work factors that drive retention. We may toss up our hands in frustration when yet another key employee resigns, but are we asking “why do employees stay…and why do employees leave?”
And leave they do.
According to the 2014 Emerging Workforce Study findings, 25% of workers are likely to look for a new job in the next 12 months. Can you afford to lose 25% of your employees? Oh sure, maybe no one will mind if Bill in Sales hits the road (he’s kind of a jerk), but what about that new .NET Developer you hired? Or the Director of Marketing you successfully wooed away from a competitor? What if they leave?
We know it’s something we need to think about yet companies report they’ve only put in minimal effort to retain their workers. Or, perhaps, those efforts have been misguided and not in alignment with the work factors that matter to employees.
The #EWS2014 study finds that employers believe that the management climate (89%), an employee’s relationship with his or her supervisor (85%) and the culture and work environment (81%) are most important when retaining employees.
On the other hand, the work factors that matter most to employees include financial compensation (78%), benefits (76%) and growth and earnings potential (71%).
Why do employees stay…why do employees leave?
The big questions, am I right?
And the HR professional who can answer them for her organization will be a 2015 winner.
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(Check out the full infographic for some interesting information.)