Money Talks, but Employees Walk for Other Reasons
September 14 2005 - 7:00AM
PR Newswire (US)
Hudson Survey of 10,000 Workers Examines Retention Tactics and
Employee Tenure NEW YORK, Sept. 14 /PRNewswire/ -- Workers still
consider a competitive pay and benefits package to be
indispensable, but employers need to offer more than that to keep
employees satisfied and on the job. Nearly all of the workforce (96
percent) rated a fair salary as very or somewhat important and 93
percent said the same for benefits. However, when workers' needs
regarding career advancement, the relationship with their manager,
and training are not being met, they are more likely to look for a
new job than when their salary and benefits are poor. This
according to Hudson's "Why Employees Walk: 2005 Retention
Initiatives Report." Among workers who consider career advancement
opportunities to be very important yet believe their employers are
doing a poor job of meeting that need, 41 percent are actively
seeking a new job. Only five percent of the workers in this
category would not consider another job offer. The next most likely
turnover trouble spots are the relationship with manager and
training. When individuals rank these factors as very important but
feel their employer is doing a poor job at providing them, 37
percent and 36 percent are actively looking, respectively. By
contrast, 34 percent of workers who highly value salary but work
for a company that does a poor job are actively seeking a new
position, and 31 percent of those who feel the same about benefits
are looking. "While monetary considerations continue to be key
elements in retaining talent, other, often intangible, factors can
play a significant role in an employee's decision to stay with or
leave an organization," says Robert Morgan, COO, Hudson Human
Capital Solutions. "As employers confront issues of continually
rising healthcare costs and restricted salary budgets, they should
consider implementing programs such as flexible working
arrangements and manager training initiatives as ways to reduce
turnover." Highlighting the need for a sound retention strategy is
the decreasing job tenure within the workforce, as a significant
portion (50%) expects to change companies within the next five
years and over one-third (36%) within less than three years.
Additionally, one-third (32 percent) of the workforce is actively
job searching or has an updated resume and would consider job
offers, while just one-quarter (25 percent) would not consider
changing jobs at the current time. "Clearly, employment for life is
no longer a realistic concept for most workers," says Morgan.
"Employers who can elicit just an extra year or two of tenure stand
to benefit from dramatically reduced turnover costs." Hudson's
survey explores a variety of factors surrounding retention, with
results segmented by categories including company size, employee
type, age, income, race and gender. Other key findings include: *
While there is virtually no difference between managers and
non-managers when it comes to current job search efforts, managers
were more likely to believe that top talent stays at their company
(49 percent compared to 35 percent) and also more likely to
recommend their employer to others (70 percent compared to 57
percent). * Workers are torn about retention among the top
performers in their organization -- 40 percent report that they
stay and move up within the organization, while another 40 percent
think they leave the firm to find better jobs somewhere else. * A
majority of U.S. workers (62 percent) would recommend their company
as a good place to work. * Only 36% percent of the respondents
reported that their organizations conduct internal surveys to
gather feedback from their employee base. Of those, nearly
three-quarters (72 percent) always participate. * Three in ten (30
percent) accounting workers would not consider another job offer,
while just one-fifth (19 percent) of human resource and
manufacturing workers feel that way. Additional information about
the Hudson retention survey is available in the "Why Employees
Walk: 2005 Retention Initiatives Report", which can be found online
at http://www.hudson-index.com/. The survey is based on a national
poll of 10,000 U.S. workers and was compiled by Rasmussen Reports,
LLC, an independent research firm (RasmussenReports.com). Hudson,
one of the world's leading professional staffing, outsourcing and
human capital solution providers, also publishes the Hudson
Employment Index(SM), a monthly measure of the U.S. workforce's
confidence in the employment market. Next month's Hudson Employment
Index(SM) will be released on October 5, 2005. Hudson Hudson
delivers specialized professional staffing, outsourcing and human
capital solutions worldwide. From single placements to total
solutions, the firm attracts, selects and develops talent to meet
the specific business needs of each client. Global practice areas
include Accounting & Finance; Engineering, Operations &
Scientific; IT & Telecommunications; Legal; and Sales &
Marketing. Hudson is a division of Hudson Highland Group, Inc.
(NASDAQ:HHGP) one of the world's leading professional staffing,
retained executive search and human capital solution providers.
More information is available at Hudson.com. DATASOURCE: Hudson
CONTACT: Nikki Leonardi of Hudson, +1-813-890-7521, ; or Sarah
Kafenstok of Ogilvy Public Relations, for Hudson, +1-312-397-6025,
Web site: http://www.hudson.com/ http://www.hudson-index.com/
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