Despite what is often reported, job retention and satisfaction levels are interestingly higher than they have been for a long time. So why is the data telling us this?
According to the Conference Board, a global, nonprofit think tank, 62% of people report being happy and satisfied within their jobs, which is an increase from recent years. Perhaps, this is the reason that 70% of people are now reporting that they aren’t currently looking for new jobs or that only 11% of people are voluntarily leaving jobs?
We are experiencing a new era where companies have been more focused on retention and employee happiness within the workplace and this appears to be translating into evidence that the number of years people plan to stay within their jobs is rising. 31% of people are saying they plan to stay in jobs for eight years or more whilst a further 26% are planning to stay between four to seven years. These are arguably some of the best figures seen in the last fifteen years and it does confirm the growing view that companies are, once again, investing back into the human asset.
With the importance of retention in mind, how can companies ensure that they are creating environments which are conducive to both efficient work and the fulfilment of individuals?
The answers may be contentious, but they appear to be:
- Providing employees with a sense of choice and flexibility is proven to make people feel both respected in the workplace but also more productive with 60% of people finding that with greater autonomy they were more productive.
- Creating frameworks for positive teams and relationships within leadership. Client relationships, as well as relationships with coworkers and leadership were given as a major reason people chose to stay in their current jobs.
- Most interestingly a critical factor which was mentioned was the opportunity for growth and leadership opportunities, both within roles and companies, as a driving force for retention. It appears that without the opportunity for growth and a focus on development most people were unable to rationalise staying within job roles.
Of course, there are many who may context the above arguing that although many feel more productive whilst working in the hybrid model, this is far from proven. However, one cannot dispute that the above indicates a more encouraging picture than exited in 2019.
The benefits of higher levels of retention are clear. With less cost associated with recruitment and retraining it is easier to maintain the development of company culture and workplace community. It is an important time for companies to be investing in ways they can boost employee happiness and retention and for those who are, it does seem that the results are there to be seen.
It certainly seems to be a welcome change from the data coming through in 2019.
Written by Lexie Cook, EP Business in Hospitality