It’s no secret that the days of spending 30-plus years at a company are gone. The gold retirement watch is a relic of a bygone era. These days, UK workers change jobs and companies many times throughout their lives.
Now, a new Glassdoor study reveals the factors that predict whether employees will stay at their companies or go to a new employer when they are ready for their next role. Chief economist, Dr. Andrew Chamberlain, and data scientist, Morgan Smart, looked at more than 5,000 job transitions from CVs submitted to the site, and combined that data with company reviews and salaries shared by employees to understand why an employee will give in their notice.
The secret’s out!
We hate to say it, but your boss and your company’s HR team can now predict why you’ll be ready to say sayonora!
Here are the factors that can predict why you’ll quit:
1. If your current company doesn’t provide career development resources…
The study found that high employee satisfaction, better opportunities for career advancement, the quality of an employer’s culture and values lead to better employee retention.
2. If your current company gives you a pay rise — but not just any pay rise…
It’s no surprise that increased pay leads to an Increased likelihood of retaining employees. The study found that when changing jobs, employees earn a 5.2 percent pay increase on average when they make a job transition. However, if a company offered a 10 percent increase in base pay, the study shows that this increases the odds an employee will stay at the company by 1.5 percent.
3. If you have been in your current role for longer than 15 months…
Stagnating too long in a role causes workers to jump ship for a new company. On average, workers spend 15 months in a role, some like government workers stay longer while those in the construction and maintenance sector change jobs every 10.6 months on average. HR managers now know from this study that every additional 10 months an employee stagnates in a role makes them 1 percent more likely to leave the company when they finally move on to their next position.
The data shows that employee turnover is costly for companies. However, they know what to do to keep you. “Employers that work to improve company culture, offer competitive base pay and regularly promote and advance employees into new roles will retain [employees] longer,” says Dr. Chamberlain. Sure, providing career mobility is important, but, Dr. Chamberlain adds, “a simple job title promotion may not be enough. Maintaining competitive base pay is an important part.”