New research from global staffing firm Robert Half shows 81% of employers are concerned about holding on to top talent, with 1 in 3 being very concerned — and with good reason. A separate survey revealed 43% of professionals plan to look for a new job in the next 12 months.
The retention tactics most often cited by employers were increasing communication with staff (46%), improving employee recognition programs and offering professional development (each with 41%). But when workers who said they intend to leave their jobs were asked what would entice them to stay, more money topped the list (43%), followed by more time off or better benefits (20%).
Senior managers were asked, “How concerned are you about your company’s ability to retain valued employees?” Their responses:
|Not at all concerned||19%|
Workers were asked, “Do you plan to look for a new job in the next 12 months?” Their responses:
Senior managers were also asked, “Which of the following retention strategies, if any, does your company use?” Their responses:*
|Increasing communication with employees (e.g. town hall meetings, employee engagement surveys||46%|
|Improving employee recognition programs||41%|
|Providing professional development||41%|
|Enhancing compensation and benefits||40%|
|Providing reimbursement for ongoing education||33%|
|Facilitating mentorship programs||26%|
|Working with interim staff to prevent full-time employees from becoming burned out||24%|
*Multiple responses were permitted.
Workers who plan to look for a new job were also asked, “What is the one thing that would convince you to stay at your current job?” Their responses:
|More time off/benefits||20%|
|Nothing would convince me to stay||10%|
- Cities with the highest percentages of workers planning to look for a new job included Sacramento, Miami, Austinand Denver. Minneapolis, Philadelphia, Boston, Indianapolis and Pittsburgh had the fewest workers looking to make a move.
- Portland, Charlotte, Indianapolis and Philadelphia had the most professionals who would stay in their current roles if they earned more money.
- Los Angeles, Miami and Tampa had the highest percentages of workers who would be convinced to stay at their job if they received a promotion.
“In a tight employment market, workers have more options, and the grass may look greener somewhere else,” said Paul McDonald, senior executive director for Robert Half. “Employers can help prevent turnover by learning what motivates their most valued employees and customizing their retention strategies. While money is an important motivator, benefits or growth opportunities are also strong enticements.”
For more advice on retention, visit the Robert Half blog.
About the Research
The online surveys were developed by Robert Half and conducted by independent research firms. They include responses from more than 2,800 senior managers at companies with 20 or more employees and more than 2,800 workers employed in office environments in 28 major U.S. cities. The surveys were conducted in April 2019.