The world of work has gone through some serious changes since Calabria Group’s start back in 1995. Gone are the days of staying at the same company for 20+ years as new candidates continue to move positions every few years. A 2020 study found that 4 years was the median amount of time a candidate spends at a company. As recruiters, this presents us with the ultimate challenge: to hire great talent whom we can only hope will tenure. We have found the key to understanding the ‘tenure trend’ is knowing why candidates change roles. Here are a few motivations that employees consider when working for a company:
1. Career Advancement
According to a 2017 article by Indeed, 64.4% of employees are motivated to move jobs because of occupational progression. This statistic tells us that candidates are looking to find positions that can advance or even have programs for career advancement.
Outlining an achievable path for career and skill progression (such as offering mentorship programs) will compel employees to want to move to the next level within the organization and create a strong talent pool for recruiters.
2. Compensation & Benefits
Investing in employees’ success should come as no surprise to companies today. Direct and indirect pay impacts employee tenure tremendously, so ensuring that salaries and benefits are competitive with the current geographical area you are hiring in is key.
Even if a higher salary is not an option, extending other benefits such as paid time off or stock options can sway potential candidates.
3. Work Environment/Work-Life Balance
2020 yielded an entirely new way of accomplishing work from home. Candidates today are seeking a more flexible work environment because of the work-life balance instilled within the pandemic. Creating a hybrid approach to working in the office or remote work policy is vital to attracting candidates in 2022.
Other points to retaining loyal candidates:
Formulate a Learning & Development Program: The opportunity to build skills employees are interested in promotes personal development. Employees that have an investment in their interests are more likely to continue working at a company longer.
Recognizing Employees for their Achievements: Tangible rewards and benefits for employee achievements are a great way to get noticed when hiring. A great way to get started is a simple company email, which highlight’s an employee’s successes each week.
Companies that have the best retention value their employees and their skills. Offering competitive advantages in salary, personal growth, and work-life balance is a great way to make every candidate want to stay at your company for the long haul.