Fight turnover & keep 40% of your best employees from resigning

You’ll need to keep brainstorming with HR about how to avoid the high costs of turnover at your company, since a new survey from Robert Half shows the Great Resignation isn’t showing signs of slowing down anytime soon.

Over 40% of respondents to Robert Half’s most recent Job Optimism Survey said they’ll be looking for a new job during the second half of 2022.

Judging by the survey, certain groups are much more likely to look for new job opportunities in the second half of the year. Be sure to focus your recruitment and retention efforts on:

• 25- to 40-year-old employees (53% said they’d be looking for new roles)
• Technology pros (52%)
• Working parents (50%), and
• Employees who’ve been working for you between five and nine years (49%).

And keep an eye on your team, too: 43% of those in Finance roles are also looking to find new jobs.

Common reasons for turnover

Three main reasons are driving employees’ current desire to find new employment:

1. They’re looking for a salary boost (65%).
2. They’re seeking greater opportunities for advancement (39%).
3. They’re making a career change due to burnout (34%).

It’s smart to combat these factors by re-evaluating your salary budgets and compensation strategies, promoting internal job opportunities, focusing on succession planning and regularly talking to your people about whether they’re feeling overwhelmed in their current roles.

No regrets on both sides

Employees who do quit aren’t regretting their decision, which makes fighting turnover harder. Only about 10% of those who have been with their current employer for a year or less said they wish they stayed with their current employer.

Though, they would’ve done certain things differently. Over a quarter (26%) of employees who resigned said they should’ve met with their manager to discuss the problems that made them want to quit in the first place. And 17% wished they’d asked for a raise or promotion first.

Before you lose your best people and have to spend thousands on replacing them, it’d be wise to remind managers to be proactive about these types of conversations with their people – even with employees who belong to groups that are less likely to quit.

Here’s why: Now more than ever, your employees know their worth and aren’t shy about reaching out to different employers that seem more willing to meet their needs. Almost 90% of survey respondents said they were confident about their current skill set and marketability.

Your best asset is your people – make sure they know that before deciding to look elsewhere.