Boston Consulting Group (BCG), the global management consulting firm, have found that over a quarter of employees want to move jobs within the year. This comes after they conducted a substantial survey spanning several countries. Below, we discuss the key findings in more detail and outline how employers could prevent employees from shifting jobs in 2024.
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Why are Employees Ready to Move Jobs?
The survey conducted by BCG involved questioning more than 10,000 employees from the US, Canada, UK, France, Germany, Australia, Japan, and India. Overall, they found that 28% of employees felt ready to move jobs before this time next year.
Within the survey, questions were asked concerning the needs of an employee, including pay, hours, benefits and well-being. When the employees were asked the key motivators to move jobs, the most popular responses came in the following order:
However, when BCG asked the respondents to rank the most essential career factors against one another, well-being joined the list. In fact, when analysing the answers to all the questions collectively, they found well-being became more important than pay. Therefore, it’s reasonable to assume that an employee is less likely to move jobs if their well-being is looked after.
To cement these findings, BCG explained that attrition is reduced by 72% when employees are very satisfied with their managers. This is because they have the most significant influence on employees’ daily well-being. Moreover, they found that great managers increased employee motivation and job satisfaction by 3.2 and 13.9 times, respectively.
Yet managers weren’t the only impact on employee satisfaction. BCG also found that the respondents felt supportive leaders, access to necessary resources, and nondiscriminatory access to opportunities were important. If these areas were all taken seriously, BCG found that the number of employees ready to move jobs dropped from 28% to 9%.
Internal Recruitment Improves Employee Retention
We’ve previously talked about the skills shortage employers currently face, and with these findings, it’s apparent employee retention is essential. Several conclusions can be made by looking at the motivations that may cause employees to move jobs from BCG’s survey.
Firstly, they found that the better the manager, the less likely employees were to seek a change of jobs. Therefore, employers should consider upskilling their managers to maintain employee retention.
Furthermore, the BCG survey discovered that the number of employees moving jobs would be reduced if they had the necessary resources. As such, it’s crucial that employers on-board new staff correctly. If employers ease employees into their new roles and ensure they understand where to find essential resources, they will be much more likely to stay.
The survey also found that employees were less likely to move jobs if employment opportunities were accessible to all. A LinkedIn finding emphasises this, stating that employees would remain in their role 41% longer if their employer recruited internally. As a result, employers should carefully consider the internal opportunities currently available to keep their staff.
However, these aren’t the only measures companies can take to reduce the number of employees who want to move jobs. In addition, they must prioritise the company culture and create one that ensures people want to stay.
This starts by introducing new staff members that fit into the culture and continues with them believing it. By employing individuals who share a common belief and creating a positive, diverse culture, employees will take satisfaction in their work, be more happy and be more inclined to stay.
What’s more, companies should ensure that their employees feel valued. By recognising and rewarding hard work and achievements, employees can be incentivised to continuously improve and stay with their employer. As a result, they are less likely to move jobs if they feel their hard work is being noticed and appreciated.
Staff Retention Top Tips
Each employer’s circumstances will differ, yet retaining employees in the current skill shortages is crucial. To help reduce the number of employees considering a change of jobs, employers should:
- Upskill their managers
- Onboard new staff correctly
- Consider internal recruitment
- Create a positive culture
- Reward hard work
Carefully considering and implementing these tips could go a long way to improving employee retention in the long run.
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