Hiring and retaining top talent has been an ongoing, uphill battle for most companies. According to a 2018 study from West Monroe Partners, 59% of employees said they would leave their current position for a new one simply because of more appealing offers.
In order to avoid the time and cost of employee turnover, organizations should be more aware of their workers’ needs.
A 2019 study by employee engagement platform Peakon, which surveyed over 11 million comments, provided insight into why employees are leaving their positions for new opportunities.
The study found that employees would most benefit from a change in the way their company communicates with them. This simple factor is one of the easiest and most important ways to improve employee satisfaction, productivity and engagement.
Employee-manager relationships also play a huge role in worker satisfaction. The Peakon study compared employee feedback rates to responses of management according to industry. It found that those within the technology and professional services field respond less than a third of the time, but the least responsive sectors were manufacturing and transportation.
It is clear that it is vital for management to acknowledge and communicate with their employees or they could risk losing talent.
Furthermore, a large portion of respondents said that if they could change one thing about their organization, it would be the office environment. It is clear that today’s workforce values having flexible or remote work options, and research has proven that these benefits have worked in favor of employers when it comes to hiring.