Human Resources News & Insights

What’s the best way to keep turnover down? Money, employees say

About four in 10 employers think they’re likely to lose key talent in 2013. So what’s going to convince your best and the brightest to stick around?

According to recent research from CareerBuilder, nearly one-third of employers (32%) reported that top performers left their organizations in 2012 and 39% are concerned that they’ll lose top talent this year.

While most workers (66%) stated that they are generally satisfied with their jobs, one in four (25%) said they will change jobs in 2013 or 2014.

Why are they looking to leave?

It’s not about titles, according to CareerBuilder — having a certain title isn’t important to more than half of workers (55%).

But here’s a key: 88% reported that salary matters more than their title.

Other factors most important to workers:

  • Flexible schedule – 59%
  • Being able to make a difference – 48%
  • Challenging work – 35%
  • Ability to work from home – 33%
  • Academic reimbursement – 18%
  • Having an office – 17%, and
  • Company car – 14%.

OK — what really makes them stay?

No surprise here: The majority of workers (70%) reported that increasing salaries is the best way to boost employee retention; 58% pointed to better benefits.

Other actions workers said employers should take to boost retention rates include:

  • Provide flexible schedules – 51%
  • Increase employee recognition (awards, cash prizes, company trips) – 50%
  • Ask employees what they want and put feedback into action – 48%
  • Increase training and learning opportunities – 35%
  • Hire additional workers to ease workloads – 22%
  • Provide academic reimbursement – 22%
  • Carve out specific career paths and promote more – 21%, and
  • Institute a more casual dress code – 14%

Do perks work?

Twenty-six percent of workers said that providing special perks is an effective way to improve employee retention.

When asked to identify one perk that would make their workplace more satisfying, early dismissals, convenient gym access and casual dress scored highest:

  • Half-day Fridays – 40%
  • On-site fitness center – 20%
  • Ability to wear jeans – 18%
  • Daily catered lunches – 17%
  • Massages – 16%
  • Nap room – 12%
  • Rides to and from work – 12%
  • Snack cart that comes around the office – 8%
  • Private restroom – 7%, and
  • On-site daycare – 6%.

 

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