This question has vexed virtually every employer in the last year. Quit rates have been at all time highs, prompting all kinds of nicknames for the widespread business challenge. Call it the Great Resignation, the Great Reshuffle, or the Great Recruitment, but many of us are still feeling its effects.
With so much attention on the workers who say “sayonara,” there’s good reason employers are asking the big question above. Why do employees quit? Is something pushing them out? Or is the grass really that much greener on the other side?
It’s not (just) about money
We all know a job offer that comes with a bulkier salary is hard to pass up. But money is not the only motivation of workers who resign. According to a recent McKinsey survey, the top reasons workers quit spanned from opportunities for growth, to money, to managers:
41%: Lack of career development and advancement
36%: Inadequate total compensation
34%: Uncaring and uninspiring leaders
31%: Lack of meaningful work
29%: Unsustainable work expectations
When McKinsey asked respondents why they accepted a new position, the results largely aligned with respondents’ motivations for quitting. Workers’ top three reasons for taking a new job were: Career development and advancement; adequate total compensation; and meaningful work.
These numbers tell a powerful story. Workers want to grow, do work that’s meaningful to them, and make enough money. The only question that remains: How can employers deliver?
I can’t help you get your compensation strategy in order. But I can equip you with a tool that leads employees to work that fuels their passions, all while outlining a roadmap for growth. We provide intelligent data based on employee performance and aspiration. With this information, we help organizations create environments in which employees flourish based on their giftedness. In addition, we help leaders and managers understand how to lead through change, create synergy in their teams and coach employees for future career steps. To find out how PeopleBest can serve your team, book a demo and set up a time to chat with one of our specialists.
PeopleBest is a revolutionary, simple and powerful way to capture the exact ‘DNA of success’ inside people, teams and companies