The top three factors driving employee retention are benefits (34 per cent), a strong sense of culture (31 per cent) and belief in the senior leadership team (29 per cent), according to a new survey by the Predictive Index.
The survey, which polled more than 300 U.S. executives, found career mobility (21 per cent), salary (17 per cent) and personal/professional development opportunities (11 per cent) rounded out the list of top retention tools.
As well, respondents said the top three ways their companies are investing in employees is through helping them find purpose in their work (47 per cent), creating opportunities for career growth (47 per cent), creating an inclusive space that values all employee ideas (41 per cent), providing competitive health-care benefits (40 per cent) and allowing employees to work how they want, when they want (29 per cent).
The survey also found “The Great Resignation” has had an impact on the financial stability of a majority (75 per cent) of respondents’ companies. Indeed, they said 20 per cent of their workforce has quit in the past six months and noted it costs more than US$11,000 to hire, onboard and train just one new employee.
When asked to share the top reasons why employees have resigned, respondents cited inflexible work options/hours as the top reason (32 per cent), followed by lack of personal/professional development opportunities (18 per cent), stress and/or burnout (18 per cent), lack of belief in the leadership team (18 per cent) and that their physical health was suffering (17 per cent).
Although more than a third (38 per cent) said they have a talent management strategy in place, they said they needed help with employee performance (44 per cent), succession planning (35 per cent), employee retention (33 per cent) and team building (33 per cent).