Why It Makes Sense to Stay with Your Current Job
As the economy continues to improve, senior leaders are facing a major dilemma. It is anticipated by industry experts that the turnover rate in the U.S. for 2014 will be 23%. That means close to a quarter of employees will walk out of their companies’ doors and will cost companies significant money in lost time and revenue. Replacement costs can be as high as 50% to 60% of an employee's annual salary and some searches can take up to a year to complete.
Although it is interesting to explore all the avenues a company can take to retain their talent, let's look at it from an employee's perspective. "Why should I stay with my current employer?" Considering my role as an executive recruiter is to entice people to leave their positions and join my client, it is always fascinating to hear the multitude of reasons why people want to stay.
I am happy where I am – When pressed to explain this, you might say you've been with your company for a long time and feel a sense of community with your fellow workers and leaders. While this is admirable, might you be unwilling to put in the time and effort to find new opportunities? Are you fearful that a new company and role is too much to handle? Or are you not willing to admit that you see this only as income so you might as well stay? If you realize that this describes you then it may be time to re-evaluate your career plan and either seek out new roles within your company to enhance your professional development or start looking at online job postings.
I have a great boss – Rarely does someone mention this but some of the retention studies indicate that having an engaging and supportive supervisor is as important to them as an increase in compensation. A boss that challenges you to not only achieve your goals but go beyond is so important. Unfortunately many managers and executives do not have the time to spend with their employees because they are completing their own objectives set by their superiors. In other cases, leaders are only focused on themselves and their needs and do not see the true value of those that work for them; they set expectations for their staffs that are unrealistic i.e. assigning a project at 4:30 pm and want it done by the next morning. When a subordinate really analyzes how little interaction they have with their boss, it is usually at the annual review; compensation increases and professional development are only discussed then and never again throughout the year.
My compensation plan is terrific – Money is one of the top motivators in deciding to look at new opportunities or not. Companies who provide minimal increases and paltry bonuses (if any bonus at all) are setting themselves up for their key players to exit the company. Compensation is not just about salary, bonus, and benefits. It also consists of perks like gym memberships and equity. Regardless of the overall package, compensation is an indicator to the employee on how much they are valued.
I work flexible hours or I can sometimes work from home – If employees feel empowered to manage their own schedules and be productive, why should companies not offer this? I always find it interesting that certain companies have stated hours and they will not budge. Of course certain positions require being on-site but many can be just as effectively conducted on a different schedule. Some companies, or it could be some leaders within the organizations, do not want to treat employees as adults in the workplace. It would be much more beneficial for employees to be able to structure their workdays taking into consideration family issues, traffic concerns, or even based on their daily energy levels. Instead they have to make sacrifices that in the end can affect their families and their health.
My company provides training and coaching – Companies that recognize each employee's skills and aspirations and capitalizes on them by offering ways to continue to improve is very commendable. Training is necessary for a new employee or one who is transitioning into a new role.
Coaching has come a long way and is now viewed as an effective addition for one's professional toolbox. Companies that use coaching see the top three motivators as building self confidence, achieving work/life balance, and identifying career opportunities, according to a 2009 study conducted by the International Coach Federation. Both coaching and training take time and money and when budgets or deadlines are tight, these areas tend to get limited for many or are simply not available anymore.
My company is growing/they are introducing new products and services – Employees who feel that the leadership team is on the right track and heading in a positive direction want to stay with their organization. Many executive managers, however, fail to communicate regularly the strategic vision for the company. Much confusion, unrealistic expectations, and even some drama can ensue when communication messaging is barely existent or does not happen at all.
There are a myriad of other reasons why a person should not contemplate a move so it is imperative to map out one's career path and ensure that ALL their needs are being met, not only today but in the future.