Who is leaving companies and why? And how do employers hold onto key employees?
The incentives to get employees to stay are not exactly the same as the factors that would cause them to leave, according to the Talent 2020, the latest survey from Deloitte. The survey found that the top five reasons people seek new employment are primarily non-financial:
- Lack of career progress (27 percent)
- New opportunities in the market (22 percent)
- Dissatisfaction with manager or supervisor (22 percent)
- Lack of challenge in the job (21 percent)
- Lack of compensation increases (21 percent)
However, the top five retention incentives for employees are primarily financial:
- Additional bonuses or financial incentives (44 percent)
- Promotion/job advancement (42 percent)
- Additional compensation (41 percent)
- Flexible work arrangements (26 percent)
- Support and recognition from supervisors or managers (25 percent)
The financial services industry runs the highest risk of losing talent, with 25 percent of employees expressing turnover intentions over the next 12 months, according to the survey. Closely behind are technology, media and telecommunications (23 percent) and life sciences and health care (23 percent).
Deloitte teamed with Forbes Insights for its fourth report in the Talent 2020 series, surveying employees across major industries and global regions.
Source: Deloitte: Talent 2020