Top performers are the most likely to leave current employers
Four out of five employees are intending to stay with their current employer in the next year, according to a recent survey. It's a significant turnaround from last year when almost two-thirds were planning to leave.
The figures from Deloitte's latest Talent 2020 survey will be well received by talent managers and HR professionals who have faced a torrid few years during the economic downturn. A previous Talent 2020 survey noted that a 'talent crunch' exacerbated by accelerating globalisation and an ageing workforce had prompted business leaders to search for new ways of keeping and attracting the best people.
Even with the pressure apparently subsiding, companies neglect their talent and retention strategies at their peril, the authors warn. This is particularly true, they say, for a company's best performers, who are the most in demand and have the most employment opportunities available to them.
The survey identified three areas where organisations could hone their staff retention strategies. Firstly, most employees value 'meaningful work' that makes best use of their skills and abilities; two out of five respondents who were looking to leave felt they were not fulfilling their potential. Keeping work interesting and varied is more likely to make employees feel engaged and want to stay.
Secondly, special attention needs to be given to groups with the highest levels of turnover, namely those with fewer than two years on the job and those aged under 32. The survey showed that younger employees were making the biggest career advancements. A lack of promotion opportunities risked driving them away.
Thirdly, good leadership is a great magnet for employees. More than three out of five employees planning to stay put said they had high trust in their managers.
The report found that the people often looked for new jobs for non-financial reasons, such as disengagement and lack of career advancement, whereas the leading retention incentives were normally financial.
Acas offers training courses on Staff retention Staff retention, helping organisations put the key components of employee engagement in place for strong and continuing business performance.
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