There is no denying having a job is now intrinsic to modern existence. The Organisation for Economic Co-operation and Development (OECD) has stated work has obvious economic benefits, but having a job also helps individuals stay connected with society, build self-esteem, and develop skills and competencies.
In the UK, a larger than average proportion of the adult population is employed (73%), whereas the global average is 68%. Companies benefit greatly from a stable and happy workforce so when we created the AlgoMe Career Satisfaction Benchmark Report, we wanted to find out why people in our sector would leave their jobs and look for another one.
What are the Triggers?
The AlgoMe Career Satisfaction Benchmark Survey has identified a number of triggers which move people into job seeking mode; these span three areas which are personal reasons, industry drivers and company climate. These triggers should be on the radar of management who want to retain the best talent.
The statistics breakdown as follows:
40% are motivated personally to look for a new role by a change in career direction
25% are driven by industry reputation or kudos
33% by the climate of culture change within their organisation
How to manage staff turnover
It is important for HR and management to develop contingency measures to keep teams stable and reduce churn. One route is to open up an ongoing dialogue which helps judge the mood of the company and attitudes towards change and reputation. Managers and HR professionals can use exit surveys or staff attitude to help them understand why people leave businesses. However, this is generally a case of too little too late – anticipating movement is far better than post-rationalisation.
There are many reasons why people leave a company which creates a complex landscape to navigate but it’s possible to manage well. By being aware of these trigger moments earlier, management can concentrate on strategies which help stabilise people and keep them within the company.
For example, in an individual case, if someone has managed to develop their skillset within your company, that makes them much more valuable to the organisation and elsewhere. A proactive strategy to keep this person loyal would be to recognise their ambition and find them a new role to help them advance. This is a much more attractive option than having to replace them when they leave which means losing both their accrued knowledge of the organisation and the company investment into the individual.
The AlgoMe Career Satisfaction Benchmark Survey is now out – download it now for great insights and advice http://bit.ly/AlgoMeBenchmark #assetmanagement