Senior managers were asked, “How concerned are you about your company’s ability to retain valued employees?” Their responses:
- Very concerned – 33%
- Somewhat concerned – 48%
- Not at all concerned – 19%
Workers were asked, “Do you plan to look for a new job in the next 12 months?” Their responses:
- Yes – 43%
- No – 57%
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%
- None – 7%
*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 money – 43%
- More time off/benefits – 20%
- Promotion – 19%
- New boss – 8%
- Nothing would convince me to stay – 10%
- Cities with the highest percentages of workers planning to look for a new job included Sacramento, Miami, Austin and 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.”