What’s the main driver keeping employees with your business? Company culture? Career mobility? If you ask your employees, they’ll probably say it’s their paycheck. That’s according to a PayScale survey that found pay to be the strongest motivator for quitting.
Of over 38,000 individuals surveyed, 25% said more compensation was their motivation for quitting, while 16% said it was due to unhappiness. And with unemployment at record lows, workers are willing to risk changing jobs. In fact, 3.4 million people voluntarily left their jobs in March alone, according to the Bureau of Labor Statistics.
This illustrates the urgent need for employers to reconsider how they retain talent. It doesn’t make sense to raise everyone’s wages, but you should let employees know you take their concerns seriously. This means discovering those pain points and working toward solutions.
To address their concerns, you should first survey employees to gauge the workplace climate—why or why aren’t they happy? Next, address the issues raised during the discovery process. If employees want more compensation, maybe you can compromise with an annual bonus or a workplace outing. If employees want greater flexibility, perhaps you can revisit your telecommuting policy. If employees want more job satisfaction, you can potentially retrain workers for roles they’re more interested in or pay for training certifications.
These are just some of the ways creative thinking can help you retain your workforce without breaking the bank. To discuss these or other emerging HR trends, contact Ollis/Akers/Arney Insurance & Business Advisors today.
This HR article is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. © 2019 Zywave, Inc. All rights reserved.