Job hopping is now more prevalent than in the past and it’s not uncommon for people to change jobs frequently throughout their career. Though it’s common practice and can actually be beneficial to the candidate to gain experience in a number of different areas and workplaces; it can have negative implications for the growth and success of the company.
The most common reason for moving jobs is to progress in their career, however this could be prevented if they were presented with the opportunity to advance within their existing company. So what can employers do to keep hold of their staff?
LinkedIn conducted a study investigating the reasons that professionals leave a job and here are their key findings.
What industries are effected the most by employee turnover?
- Professionals working in the retail and consumer industry are most likely the change jobs frequently.
- The Government, education and non-profit industries have the second highest level of employee turnover.
- I third place is professional services.
What are the main reasons people change jobs?
- The top reason for leaving a job is to find a better work-life balance.
- An interest in another industry is also a key factor that can lead to someone finding a new job.
- A higher salary or better benefits can often entice someone to take a new job.
- People are more open to hearing about opportunities – The number of active job seekers is rising, but passive talent are also more open to considering a new role.
What can employers do to retain staff?
- Understand that professionals want the opportunity for advancement in their career, so create room for progression within the company.
- Ensure that staff are receiving the salary and benefits that they deserve.
- Recognise hard work and employee achievements. Employee recognition schemes can prove effective for employee retention and engagement.
Could this work?
- 42% of recent job switchers say they may have stayed if their employer had done something to improve their experience in the company.
- 63% of these were males, 37% were female.
- 43% of them were passive candidates.
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