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You Can’t Buy Employee Loyalty!

Studies show that employees will be searching for and considering new job opportunities this year at an alarming rate. Companies and Human Resource professionals beware…increasing compensation and benefits is no longer enough to inspire loyalty!

 
 
Gallup Statistics - Via UpMo, Inc.
Gallup Statistics - Via UpMo, Inc.
PRLog - Mar. 22, 2011 - SAN JOSE, Calif. -- Studies show that employees will be searching for and considering new job opportunities at an alarming rate in 2011 and Gallup Poll #'s show that increasing pay and/or benefits is not enough to keep them loyal. So, the question is, what will?

During this time when the economy seems to be recovering, many organizations are especially concerned about their employees seeking other work. Did you know that according to a recent survey conducted by Harris Interactive, despite high job satisfaction, 74% of employed full-time and part-time workers would consider a new job opportunity? (OR: By now you have probably heard about Manpower’s findings that 84% of employees will be searching for new jobs in 2011 alone.) Those are a super scary numbers for any HR professional! Let’s examine why they leave: Gallup Polls found that about a third (32%) of employees choose to leave for career advancement and promotional opportunities while 1 in 5 (20%) leave because of lack of fit in their role.  Other reasons include not enough pay/benefits (22%), dissatisfaction with management style or work environment (17%), lack of flexibility around scheduling (8%), and job security concerns (2%). This makes it very clear that monetary incentives are not enough to keep employees loyal as only 22% leave because of monetary concerns.

Looking at these numbers it becomes clear that supporting internal career advancement is of utmost importance, right? This can in turn help the 20% of employees dissatisfied with their current role move into something more appropriate as well. In addition, the 22% dissatisfied with their pay or benefits can work to move internally to a higher paying position. This is related to the flexible lattice idea I explored in my March 2nd blog entry, “The Corporate Ladder is Collapsing!” (http://upmo.com/blog/?p=180).  A flexible lattice structure (the opposite of a strict hierarchical ladder) in an organization helps with the provision of flexibility when it comes to internal job movement, project work, scheduling and working virtually. This can make those leaving because of lack of scheduling flexibility (8%) and those dissatisfied with management styles/work environments (17%) more likely to stay.

So, it seems that supporting internal career development in an employee-focused way has the potential to positively impact 98% of those employees leaving for a variety of reasons and effectively make them more loyal.  Wow, that’s pretty huge, isn’t it?  With the economy recovering, it is more important than ever for HR professionals to engage employees in internal career development before they find a new job externally or get poached by hungry recruiters.

Here at UpMo, Inc. we are designing SaaS solutions for talent management that engage talent in internal career development in an employee-centric way. This increases transparency across an organization and empowers and engages employees, thus increasing employee motivation and productivity and greatly reducing employee attrition. See what we are up to at http://www.upmo.com.

Has attrition already risen in your company this year?  I am curious what steps you may be taking to combat this in your organization now and into the tumultuous future.  Please visit our blog (http://www.upmo.com/blog) and join the discussion…

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About UpMo:
Employees Rule. UpMo provides the industry’s first employee-centric enterprise career management solution to emerging and large corporations. By helping people plan, pursue and manage their careers in a way that benefits both them and their companies, UpMo SaaS solutions helps companies embrace employee mobility to dramatically increase productivity, reduce employee churn, and improve employee engagement.

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Contact Email:
***@upmo.com
Source:UpMo, Inc.
Phone:(408) 292-6637
Zip:95113
Location:San Jose - California - United States
Industry:Business, Software, Human resources
Tags:career development, empoyee attrition, employee turnover, talent management, employee motivation, employee engagement
Shortcut:prlog.org/11391587
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