September 23, 2016
As the global labour market warms up and active job seeking increases, employees’ plans to stay with their current employers are declining. This is due to a shift in attitudes by employees who’ve long believed that the job opportunities they were seeking did not exist in the labour market; but are being convinced otherwise as companies increasingly turn to mass media to promote appealing employment brands and job opportunities. While this is good news for companies looking to attract new talent, employers looking to retain their best people must also take notice. This is according to data from CEB’s Global Talent Monitor, which claims that employees are also putting in less effort at work in all regions except North America and suggests that to keep top talent in place, companies will need to better promote internal job opportunities and benefits, rather than letting employees think they must go elsewhere to find the jobs they want. The research did find though that UK employees are feeling generally less confident due to Brexit uncertainty.
“For some time, employees have been questioning their future with their current organizations and have been passively evaluating new opportunities,” said Brian Kropp, HR practice leader, CEB.
“With more companies publicly promoting their workplace benefits and amping up the cool factor, many employees are feeling that the grass really is greener elsewhere and are ready to move on.”
UK employees, who were already facing a rising frequency of change at work, were affected by the Brexit referendum. As a result, only 17 percent of Brits were ready to go above and beyond on the job in the last three months.
Regardless of geography, employees want to grow in their careers and they are willing to exit their current employers if they believe career opportunities are unavailable to them. Companies must focus on core retention strategies to stave off employee exits, including:
- Providing Internal Career Mobility: Employees believe it is easier to get a new job at a different company than to get a new job with their current employer. Companies need to address this by creating a robust internal job market that enables employees to move across the organization trying new jobs. Creating career partnerships enables employees to grow, and become more marketable and loyal, while also offering organizations a better talent pool internally.
- Building Awareness through Improved Communication: Managers and leaders must increase their communication to employees about the job opportunities and benefits that are available. Employees will be less likely to “quit-in-seat” if they understand the opportunities for growth at their current employer and believe that moving jobs within the organization is not only possible, but considered a good thing.
“Organizations that want to avoid having their employees quit in seat need to create an environment where employees know they are valued and understand the benefits the organization offers,” added Kropp. “Otherwise, your best talent will be lured away by companies who communicate their benefits and employee value proposition better.”
Global Talent Monitor data is drawn from CEB’s larger Global Labor Market Survey which is made up of more than 20,000 employees in 40 countries. The survey is conducted quarterly and is reflective of market conditions during the quarter preceding publication.