It’s a reality we all live with: Today’s employees are increasingly job hoppers, moving from position to position every few years in order to seek higher pay, a more senior title or perhaps more fulfillment. And according to a new survey from Glassdoor, the number of employees jumping ship will likely increase this year.
Among 750 different recruiters, HR professionals and hiring managers polled in the US and UK, 35% expect more employees to quit over the next 12 months, with nearly half (45%) saying that the primary reason is due to employees seeking higher salaries, followed by career advancement opportunities, benefits and location.
So, what exactly can your organisation do to prevent this churn? The best approach may be to inform candidates and set realistic expectations from the start.
Embrace Salary Transparency
Including salary information in a job listing helps attract applicants — preliminary data shows that more job seekers click on and apply to jobs with salary estimates* — yet fewer than one in 10 online job postings include pay data. Additionally, over one-third (37%) of those involved in the hiring process say retention rates would significantly improve if new hires were better informed about salary during the hiring process.
Glassdoor has attempted to alleviate this pain point by including salary estimates in job listings — already, about 52% of Glassdoor’s US job listings contain salary estimates, with international integration expected in the future. Employers can help align salary expectations even further by adding pay information in job descriptions.
Show Off Your Culture
Salary is important — but it’s definitely not the only thing that job seekers are keen to know.
“There is almost always going to be a rival firm that could potentially pay your best people more, but Glassdoor research and other third-party studies confirm that company culture matters more than pay as a driver of long-term employee satisfaction and engagement,” said Carmel Gavin, Chief Human Resources Officer at Glassdoor. “If you can improve your workplace culture and offer people career advancement opportunities, this will help you hold on to people longer.”
Highlighting your culture through channels like your career page, social media and Glassdoor profile are key to drawing in top candidates, and perhaps even more importantly, allowing them to determine whether or not they are the right fit for your company.
[Learn More: Glassdoor for Dummies®]
The most important takeaway from our new data? Informed candidates are proven to become more loyal employees. Before they join a company, job seekers want to make sure that their requirements regarding salary, culture, benefits and more will be met — if they do that, they’re far less likely to seek out a different company to satisfy those expectations.
So straight away, make sure you’re transparent with candidates, providing them with all of the information you can about the role and your company. If you do, you might just be able to buck the wave of attrition.
*Glassdoor Internal Data, August 2017