We recently surveyed 1,000 top performers to inquire specifically what would compel them to change jobs when they are excelling in their current role….something negative in their current position, or something attractive in a new role?
The data is interesting, and quite valuable, equally in terms of what management needs to know both in terms of what you need to do to keep star performers happy, and what you need to do to attract your competitors to jump ship and switch teams.
Take a look at what our survey shows:
Q1 What is the primary reason for high performers to change jobs?Q2 What would be the biggest incentive to move towards a better job?
Q3 What negative in your current role would cause you to make a change?
Key Take Aways:
Clearly the most commonly cited reason for high performing individuals to make job changes is to increase their financial compensation.
To retain key contributors, companies need to compensate their employees competitively, and equitably.
The 2nd biggest reason for people to change jobs is for a stronger perceived career path. Therefore, it is extremely smart for companies to consistently promote from within, make internal promotion well-advertised, and to clearly outline ways for employees to move up the company ranks when they perform well.
Conversely, in order to attract star performers, offering compensation and a clear career path are the two biggest attractions that will encourage someone that is currently doing well in a role to switch companies.
It was no surprise to see that the biggest factor that high performers gave in choosing to leave a company that they were personally doing well in, was in having a poor relationship with their direct supervisor, followed closely by a poorly perceived corporate culture.
This drives home how critically important it is to have managers that are positive leaders, that are there to help their team achieve their goals and that strive to create a positive, supportive work environment.
Identifying poor employees that attribute to a negative company culture and replacing them is critically important to keeping your top performing employees happy. Don’t let bad managers stay in place because you do not have someone to back-fill them. The cost is simply too great and the ripple effect ends up costing companies substantially more than they may realize.
Consistently conducting quarterly surveys that allow employees to share anonymously any concerns or grievances that they may have, can help top management nip any problems early before they become insurmountable. Consistently checking Glassdoor is also wise, as this offers a glimpse into a company’s corporate culture.
Having an HR team that actively strives to gauge employee satisfaction and fosters an open door policy so that dissatisfaction with company culture can be dealt with and addressed early can substantially lower attrition due to company culture.
Knowledge is power as they say, and knowing why employees leave and most importantly why a companies most valued employees leave is literally invaluable information.
Working to diminish those factors can lower the chances of losing your star players, and something that all companies should actively work to eliminate.
Conversely, when you want to entice your competitor’s key players to switch allegiances and join your company, knowing that typically compensation and a solid career path is what will likely encourage them to make the move, and putting together a package that highlights those two factors, will greatly increase your chances of success.
International Search Consultants has been delivering exceptional talent to our Clients interview table since 1999. Don’t let poor employees linger because you do not have access to replacements. Let us help you top-grade your team for 2018. Contact ISC today and let us deliver a top notch pool of candidates for your most critical fill positions. We would love to hear from you!