Employee Retention: Reasons Employees Leave

Employee Retention

Employee Retention: Reasons Employees Leave

Workers still consider a competitive pay and benefits package to be indispensable, but employers need to offer more than that to keep employees satisfied and on the job. Nearly all of the workforce (96 percent) rated a fair salary as very or somewhat important and 93 percent said the same for benefits. However, when workers’ needs regarding career advancement, the relationship with their manager, and training are not being met, they are more likely to look for a new job than when their salary and benefits are poor.

Among workers who consider career advancement opportunities to be very important yet believe their employers are doing a poor job of meeting that need, 41 percent are actively seeking a new job. Only five percent of the workers in this category would not consider another job offer. The next most likely turnover trouble spots are the relationship with manager and training. When individuals rank these factors as very important but feel their employer is doing a poor job at providing them, 37 percent and 36 percent are actively looking, respectively. By contrast, 34 percent of workers who highly value salary but work for a company that does a poor job are actively seeking a new position, and 31 percent of those who feel the same about benefits are looking.

“While monetary considerations continue to be key elements in retaining talent, other, often intangible, factors can play a significant role in an employee’s decision to stay with or leave an organization,” says Robert Morgan, COO, Hudson Human Capital Solutions. “As employers confront issues of continually rising healthcare costs and restricted salary budgets, they should consider implementing programs such as flexible working arrangements and manager training initiatives as ways to reduce turnover.”

Highlighting the need for a sound retention strategy is the decreasing job tenure within the workforce, as a significant portion (50%) expects to change companies within the next five years and over one-third (36%) within less than three years. Additionally, one-third (32 percent) of the workforce is actively job searching or has an updated resume and would consider job offers, while just one-quarter (25 percent) would not consider changing jobs at the current time. “Clearly, employment for life is no longer a realistic concept for most workers,” says Morgan. “Employers who can elicit just an extra year or two of tenure stand to benefit from dramatically reduced turnover costs.”

Hudson’s survey explores a variety of factors surrounding retention, with results segmented by categories including company size, employee type, age, income, race and gender. Other key findings include:

While there is virtually no difference between managers and non-managers when it comes to current job search efforts, managers were more likely to believe that top talent stays at their company (49 percent compared to 35 percent) and also more likely to recommend their employer to others (70 percent compared to 57 percent).
Workers are torn about retention among the top performers in their organization — 40 percent report that they stay and move up within the organization, while another 40 percent think they leave the firm to find better jobs somewhere else.
A majority of U.S. workers (62 percent) would recommend their company as a good place to work.
Only 36% percent of the respondents reported that their organizations conduct internal surveys to gather feedback from their employee base. Of those, nearly three-quarters (72 percent) always participate.
Three in ten (30 percent) accounting workers would not consider another job offer, while just one-fifth (19 percent) of human resource and manufacturing workers feel that way.

 

We hope you found this article about “Employee Retention: Reasons Employees Leave” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

To receive our free newsletter, contact us here.

Subscribe our YouTube Channel for more updates.

Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

 

 

GROCO.com is a proud sponsor of The American Dreams Show.

 

American-Dreams-Show-Accounting-firm-in-ca-cpa-tax-advisors-groco-alan-olsen

The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:

Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…

Untitled_Artwork copy 4

MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.

Posted in
Redefining Social Responsibility In The Financial Industry: Our Conversation With David Reiling

David Reiling on Redefining Social Responsibility In The Financial Industry

Recently, on Alan Olsen’s American Dreams show, David and Alan talked about redefining social responsibility in the financial industry. See David’s Recent Interview with Alan Olsen: https://www.youtube.com/watch?v=ztdtPfH9RAk&t=2s David’s background David Reiling is an accomplished social entrepreneur and innovator in the field of community development finance and financial inclusion. He has been the Chief Executive Officer…

Banking As A Social Entrepreneur with David Reiling

Banking Reimagined As A Social Entrepreneur

Introduction, in this interview, Alan Olsen, CPA, MBA discusses banking as a social entrepreneur with David Reiling, CEO, Sunrise Banks. Transcript (software generated) Alan Olsen Welcome to American Dreams. My guest this week is David Reiling. David, welcome to today’s show.   David Reiling Thanks, Alan. Great to be here.   Alan Olsen So David,…

The Economic Influence of the NBA All-Star Weekend

NBA All-Star Weekend Economic Influence

Written by Ryan Hickman. If you have walked around downtown Salt Lake City recently, you’d come across ginormous signs advertising the NBA. But not just advertisements for the local Utah Jazz, but for the annual pinnacle of NBA events: the 2023 All-Star Game. This annual event envelopes whichever city hosts the events, which include a…

Richard Rossi, Founder of daVinci50: The Man Behind The Age Reversal Revolution

Richard Rossi, Founder of daVinci50: The Man Behind The Amazing Age Reversal Revolution

Watch Richard Rossi’s recent interview with Alan Olsen about age reversal at: https://groco.com/featured-guests/mastering-age-reversal/  Richard Rossi is a revolutionary figure in the field of age reversal, with his company daVinci50 leading the way in exploring new treatments to combat aging. His research into stem cells and gene therapy has opened up exciting possibilities for reversing the…