North American employees may have their eyes on other opportunities, as 37 per cent are actively or casually looking for a new job, according to a survey by Ceridian HCM Inc.
The survey, which queried more than 2,000 American and Canadian workers, found 36 per cent said they’d consider a new job if they were approached. Meanwhile, 27 per cent said they have no interest in a job outside of their current employer.
For 37 per cent of respondents aged 18 to 34, financial compensation was the top reason for leaving their last job, compared to 24 per cent of respondents over age 50. About a third (39 per cent) cited looking for new challenges as a reason they look outside their current company for a new job, while 32 per cent said they feel they need to leave in order to advance their career.
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The survey also found employees’ expectations and the reality around promotions may not sync up. On average, respondents felt two years is a reasonable timeframe to receive a promotion, though they reported receiving a promotion within five years at their current employer.
“If your workplace culture is lacking and your leadership isn’t transparent, authentic and people-centric, then employee engagement will naturally be low,” said Lisa Sterling, chief people and culture officer at Ceridian, in a press release. “Our data shows the real reason a person becomes a flight risk is because employers fail to focus on addressing career growth and development, which are required to retain key people. This often results in alienating top employees and makes it a struggle to attract new ones.”
Read: Canadian workers less loyal to employer than global counterparts: survey
The top reason (15 per cent) why employees stay with their current employer is they love what they do. Other responses included salary, job security, benefits and work flexibility.
In terms of finding purpose, just over half (51 per cent) of respondents said they feel their contributions make a difference towards business goals, and 92 per cent of that group was satisfied at their job. Among the 49 per cent who didn’t know if their work affected business goals, satisfaction dropped to 58 per cent.
“In general, I don’t believe companies think enough about retention strategies or challenge common assumptions about why people actually stay. Top talent won’t rest on their laurels,” said Sterling. “Companies that want to succeed in retaining their star employees need to paint a picture of how their contributions can and do make a difference.”