Dive Brief:
- Companies could be faced with rising employee retention costs in the months ahead because employees are feeling empowered by low unemployment and higher wages.
- Placement firm Robert Half released a survey Thursday that found that 43% of employees are planning to look for a new job in the next 12 months, and most of them would need more money to consider staying. "In a tight employment market, workers have more options, and the grass may look greener somewhere else," said Paul McDonald, senior executive director at Robert Half.
- Employers are generally aware of restlessness within their staff, the survey shows. More than 80% of employers say they're concerned about retaining their people, and one-third say they're very concerned.
Dive Insight:
The survey exposed a mismatch between what employers most often do to retain people and what employees say they want. 43% of staff who plan to leave say they would be most enticed to stay by more money, but employers are mostly trying increased communication (46%), improved recognition programs (41%) and offers of professional development (41%).
"Employers can help prevent turnover by learning what motivates their most valued employees and customizing their retention strategies," McDonald said. "While money is an important motivator, benefits or growth opportunities are also strong enticements."
Cities with the highest percentages of people planning to look for a new job are Denver, Miami, Austin, and Sacramento. Minneapolis, Philadelphia, Boston, Indianapolis and Pittsburgh had the fewest workers looking to make a move.
Indianapolis, Philadelphia, Portland, and Charlotte had the most professionals who would stay if they earned more money.
Los Angeles, Miami, and Tampa had the highest percentages of people for whom a promotion would convince them to stay.
