In 2018, the Work Institute released its first ever retention report. Data was gathered from over 300,o00 exit interviews to determine the primary reasons employee left their positions in 2017. I have discussed this report exhaustively in previous articles. Recently, the 2018 Retention Report was released and therein lies an important fact. To set the stage, you need to know why workers are taking other jobs. In order, the top three reasons employee left their company in 2018, are:
21% – Career Development: Opportunities for growth, achievement, and security
13% – Work-life Balance: Travel and scheduling preferences
11% – Manager Behavior: Positive and productive relationships
These three are followed by: (Well-Being, 9%), (Compensation & Benefits, 9%), and (Relocation, 9%). Many people argue that firings and retirement account for the majority of employee separations but the facts tell us that is not true. In fact, in each of the retention reports released by the Work Institute firings and retirement are listed 8th and 9th on the list of reasons employees leave. More importantly, the reports list the exact same top three categories and hardly deviate in percentage points.
Employers need to understand these categories to a deeper degree and hone in on how to reach the issues causing turnover as a result, which we will do in our next article.Not only does reducing turnover in these areas affect the bottom line but it alters the workplace culture, efficiencies, satisfaction levels. and team cohesiveness. It is time to get serious about sustaining our businesses through introspective analysis and action.