While compensation continues to be a key factor for employee retention, job satisfaction and the employee experience remain critical for keeping staff. Today’s workforce desires positive work environments, flexibility, work/life balance, and recognition!
A recent iHire Talent Retention Report cited these “trends and takeaways” in their 2023 survey. To read the full report, click here: 2023 Talent Retention Report. For more tips and strategies on how to retain your employees, be sure to check out our Stay Interview Toolkit.
- Voluntary resignations remain steady. There was a slight increase in voluntary resignations this year. Over 70% of employers with turnover said it was primarily due to voluntary resignations.
- Job satisfaction is on the rise. There has been a 65% increase in job satisfaction from 2022, with an uptick in those who were either very or somewhat satisfied.
- More workers list a positive work environment as a key factor. The top reason workers left their organization in 2023 involved the employee experience – 36% left because of a toxic or negative work environment. Unsatisfactory pay ranked only 7th on the list of reasons.
- Flexibility equals employee happiness. Flexibility and work/life balance are repeated themes. Over 20% of workers resigned because of a poor work/life balance.
- Little change in turnover rates. Almost 50% of employers believe turnover rates will stay the same.
- Employees ask: Should I leave my current job…. or What will be my next career move? Many employed respondents were in one of two categories: those who expect to leave their current job within a year, 39%, and those who are unsure how long they will stay, 33%.
- Existing workers say they are resigning for “personal reasons”. This is interesting since only 20% of those completing this survey cited personal reasons as their motive. This suggests staff may be keeping their motivations for leaving vague or are not entirely truthful.
- Employers aren’t hesitant to pay more. 65% of employers gave raises and 40% offered bonuses this year. They also provided more meaningful recognition, allowed for flexible schedules, and expanded professional development opportunities.
- Easier said than done. Only 9% of employees said they decided to stay with their current employer after receiving an offer elsewhere. This gives employers a steep hill to climb when trying to convince their employee to stay.
- Career pathways improve retention. 1 in 5 employees left their job because of a lack of growth and advancement opportunities.