The War for Talent is becoming progressively more competitive. Companies are constantly trying to appeal to the best talent with all sorts of shiny and attractive offers. The War for Talent is a hot HR topic, but what is not so commonly discussed is the current, top-talent employees and their job tenure. The question is how do companies continue to attract their current employees and make them want to stay and continue to invest?
Indeed conducted a survey to get answers about employees’ job tenure and what drives them to stay at companies. Despite previously conceived notions (especially about millennials) that employees often job hop, 54% of employees have been in the same job for at least the past five years. 34.1% reported being in the same position for 5-10 years. This was further broken down into age, finding what was to be expected that those who were in Generation X had a longer job tenure.
Of course, job hopping from company to company isn’t always the case for changing roles. We must consider the employees who change jobs within their current company. 64.4% reported that career advancement was the first reason why they changed jobs internally. Following career advancement, 41.8% changed jobs internally to better or expand their skills.
When it comes to why employees completely changed jobs and companies, the top two reasons at both 41% were career advancement and compensation. Third to these two reasons at 27.8% was the work environment. Indeed SVP of Human Resources Paul Wolfe points out that “Career advancement remains at the top, but this time it’s cited by fewer people (41.4% vs. 64.6%), which may suggest that employees start out looking for internal opportunities for advancement before they move to outside companies.”
This survey and others like it helps employers to better understand what continues to attract and retain their current employees. The analysis of this survey suggests that companies should offer their employees opportunities for advancement, development and expansion of skills, and compensation. Companies need to invest in their employees in order to get its employees to invest in them. It’s a simple give and take.
Wolfe suggests the following for companies to consider when trying to retain its top talent:
- Offer competitive salaries and benefits
- Develop programs focused on skill-building
- Cultivate a supportive corporate culture
- Recognize achievement
Companies that invest in their employees see more engagement and investment from their employees. Consider benefit packages and development opportunities that will keep give your employees reasons to stay.