Why do people leave, what has changed, why do people stay and what can you do?
Pre-COVID, the top reasons people reported they left their employers, according to Paychex, were:
- Low salary
- Employers didnâ€™t care about employees
- Moved to another city or state
- Lack of recognition or reward
Salary was at the top of the list for all generations, but increasingly so for younger generations.
What has changed? In 2022, Forbes reported the following top reasons for leaving:
- Career advancement
- Employer-related benefits
- Company culture
- Remote work
- Work-life balance
Pay, benefits and job stability are on the increase as reasons for turnover. People have reassessed their lives and aspirations. In many cases, theyâ€™ve become accustomed to working from home, at least part time. Currently, they have power and theyâ€™re demanding changes.
Why do people stay? The lists above can be loosely divided into financial, i.e. pay and benefits, and cultural, including feeling appreciated and recognized in a supportive environment and doing meaningful work for which they have a passion. Opportunities for growth and work-life balance perhaps overlap financial and cultural.
Paychex recently reported that, in addition to pay and benefits, people stay for these reasons:
- Job stability
- Meaningful work
- Passion for their field of work or industry
- A strong support system
- Company growth
- Opportunity for personal career growth
What can you do? If you are an owner or in the top leadership tier of your organization, you can influence the financials to retain talent. You can make or influence decisions about pay, benefits and job stability. ï»¿
Regardless of your authority or title, you can influence the passion people have for their work, the meaning and satisfaction they derive from their work, the appreciation and support system they experience. You can influence company culture. YOU can influence the engagement and retention of talent. Thatâ€™s the job of a leader, titled or not.