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What drives talents to change companies?
According to the annual report Gallup's 2023 State of the Global Workplace, today, about 51% of workers and women workers are organizing to change jobs. This means that 1 in 2 employees wants to improve their work situation, and he does it by looking for better conditions in another company.
But what drives talents to change jobs? And what are the elements capable of making a company attractive?
According to data from People at Work by ADP Research Institute, conducted on more than 32,000 workers in 17 countries, the retribution And the work safety They remain in the first places among criteria that influence the choice of the workplace.
But be careful, because there are several criteria not too far from the first 2 that continue to grow (especially if we focus on younger workers). For example, values like diversity, fairness and inclusion they increasingly influence the decision to remain with a company or not.
According to the same research, the 39% Generation Z is dissatisfied with their flexible working hours And the 37% Of flexibility of the workplace. Many have even stated that they would consider looking for a new company if the employer ordered them to work in the office full time.
Today there are too many variables at stake when it comes to choosing the company in which to work: a permanent position is no longer the goal. Companies must work harder and harder if they want attract new talents and withhold those already in the company.
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How much does turnover cost companies?
We have seen the data relating to the number of workers who intend to change jobs. But how much does this turnover cost companies?
According to a study by Society for Human Resource Management (SHRM), every time a company replaces a person, it spends on average 6 to 9 months of extra salary per year. For a manager or manager who earns €50,000 a year, this is about €30-40,000 in additional hiring, onboarding and training expenses.
This is why it is becoming increasingly important for companies to work on Retention, that is, on staff retention.
To do this, however, it is necessary to know What are the key elements that push talents to stay in the company, even at the expense of lower salaries.
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What are young people looking for in the workplace? Here are the key elements
Today, a company that wants to do retention can no longer think that promotions and salary increases are the only solution: there are new values and criteria that influence the choice of the workplace, and these are even more important for the younger section of workers:
- inclusion and diversity;
- remuneration transparency;
- flexibility, both in terms of hours and place of work;
- skill development.
In addition to these, there are 2 elements that are becoming increasingly relevant to the choice of the company in which to work: these are the environmental sustainability And of the involvement in the company.
According to a survey published by CNBC, the86% Millennials would accept a reduction in their salary in order to work in an environment that cares about sustainability And theEngagement of the staff.
These are the values (increasingly in line with ESG indicators) required today by the new generations of workers.
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3 tips not taken for granted to improve retention in the company
We have seen what are the main criteria for which talents choose one company over another, and based on these we could provide you with classic tips such as:
- brings flexibility to the company;
- improves transparency;
- introduce training programs;
- etc.
But, since there are already dozens of contents online that deal with the topic, here is 3 simple tips to improve retention.
1. There is no retention activity that is right for everyone
We have seen, for example, how the most important values for a senior person are not the same as for a younger one. Even within the same age groups, what is important to one person is not necessarily important to another: several millennials base their work choices on the possibility of growth, others on flexibility, and still others on pay.
The first piece of advice is therefore to investigating What are the most important values within your business population.
2. It's not enough to start a corporate sustainability journey
La sustainability is one of the values that millennials (and not only) pay the most attention to when choosing a work environment, so much so that, according to research by GreenBiz, about 2 out of 3 young people prefer to give up working in companies that don't care about environmental sustainability.
It is essential, however, not to stop to take actions in favor of the environment: it is necessary Involve staff in the activities that the company carries out. There are several cases in which companies are perfectly aligned with sustainability guidelines, but staff are not aware of them.
Not only that, HR must be included in communication strategies to show your company's commitment to sustainability, so that it appears more Palatable Also for New talents.
3. Gamification is a great tool for training
La Gamification transforms corporate training into an engaging and motivating experience. For example, you can take advantage of quizzes and playful elements such as points, badges and rankings, to stimulateEngagement of people and promote theinteractive learning.
