The 2016 Job Market Shake-Up
Each year, CareerBuilder releases a survey of employees that intend to leave their job in the coming year. The percentage for 2015 was 16%. The newly released 2016 number has increased substantially to 21%. This means that over one-fifth of the employees at a given organization will leave and go to a new position elsewhere. If the workforce at your organization is younger (18-34), the survey reveals that 30% of employees in that age bracket expect to have a new job by the end of 2016. This is an increase from 23% last year.
This survey also found that 34% of all employees are consistently looking for new opportunities, which is a 4% increase from last year.
When the respondents were asked what factors, other than salary, were most important, they responded with the following:
- Job stability (65%)
- Affordable benefits (59%)
- Location (56%)
- Good boss (51%)
- Good work culture (46%)
The respondents were then asked what would make their workplace more satisfying, to which the most popular responses were:
- Friday half-days (38%)
- Fitness center on-site (23%)
- Lunch catered daily (22%)
- Massages (18%)
- Ability to wear jeans (16%)
What can employers to do combat this high turnover expected for 2016?
- Implement extra perks of working at your organization
- Give employees recognition for a job well done
- Offer competitive salaries and give raises when they are earned
- Invest in a great HCM system that can assist in recruiting and onboarding new employees
Although this new information is increasing awareness about workforce challenges, organizations are still struggling to reverse the trends. Gathering data from outside sources, and internal surveys, is the first step to creating a better workplace. However, the most important part of the process is developing strategic programs that improve your employer brand by increasing employee engagement and retention.