Between engagement, turnover, recognition, culture, and an increasingly millennial workforce, the modern organization has to be both agile and open to change.
While this is easier said than done, employees now expect more from organizations than ever before, forcing the average company to consistently streamline their practices to focus on what truly matters to their people - chiefly, the opportunity to grow within their organization while being engaged in meaningful work (and recognized for it, too!).
We’ve compiled 26 surprising facts organizations need to know in order to refocus their engagement strategies and bring their practices into the 21st century!
- 37% of employees are actively looking for new opportunities
- 36% would consider a new position if approached by a potential employer
- Only 27% of employees say they have no interest in a job outside of their current company
- 51% of employees say they’re actively looking for new roles unrelated to their field and outside of their existing companies
- 35% of employees have changed jobs at least once in the last 3 years
- 17% of employees leave their jobs within 90 days of starting their role
- ‘Warm passives,’ defined by LinkedIn as people who are not actively seeking new employment but would be open to speaking with a recruiter, grow by 16% every 4 years
- 66% of employees between the ages of 18-24 decide in the first year of working for an organization whether they’re going to quit
- A new hire’s decision to remain with their organization is often made within the first 6 months of their employment
- 33% of employees will leave their jobs each year to work for a different organization
- One of the top obstacles for prospective employees when considering a role at a company is not knowing what it’s like to work at that organization
- 1 in 3 people who change jobs change industries entirely; organizations thus have to be prepared to hire for transferrable skills, experience and needs as opposed to rigidity
- A Gallup study of over 7,000 U.S. adult workers found that 1 in 2 had left their job to get away from their manager to improve their overall life at some point in their career
- Managers account for at least 70% of variance in employee engagement scores, failing to create environments in which employees feel motivated or even comfortable
- Focusing less on perceived or assumed weaknesses, and more on the strengths candidates can bring to the table, is far more effective in fostering engagement, according to Gallup
- 97% of C-suite executives predict an increase in competition for talent acquisition
- Millennials are set to make up 75% of the global workforce by 2025
- Millennials do care about salary, but 1 in 2 millennials report they would take on a new role for a pay increase of 20% or less
- Research by Gallup reveals that ‘millennials who are engaged at work are 26% less likely than disengaged millennials to say they would consider taking a job with a different company for a raise of 20% or less’
- Engagement is highest among employees who have some form (face to face, phone or digital) of daily communication with their managers
- Employees who went through a structured onboarding process with support from their company were reported to be 58% more likely to remain with that organization for at least 3 years
- More organizations are beginning to shift from top-down, bureaucratic management styles and are instead promoting more agile, flexible work cultures in order to attract the best teams
- 67% of job seekers report diversity in the workplace as an important factor when evaluating job offers and companies
- Companies which hire with inclusivity and diversity in mind report 24% greater annual revenue gains
- More organizations are using analytics and insights to develop better approaches for talent recruitment, developing improved understandings as to what draws prospective employees to companies and what keeps them invested in their organization
- Research suggests that organizations using some form of a recognition system are able to recruit and retain higher quality employees
Consider your own organization!
What do these facts mean for your organization? Are your leaders invested in their human capital, or is retention an afterthought? Given that employers pay roughly $600 billion in turnover costs, and can expect that number to rise by 2020, paying close attention to what employees truly value can help organizations keep their people from jumping ship!
Discover what drives your organization and its teams forward with our deep analytics and insights!