Poor Compensation
In research conducted by Pew Research Center on the top reasons employees quit their jobs, 63% of respondents cited low pay as a key reason for wanting to leave their positions.
According to its survey, 42% of workers who had quit a job said they received better benefits, such as health insurance and paid time off after starting another position. Fifty-six percent of those who quit a job are now earning more money than before.
To stay competitive with pay and benefits, it’s important for employers to look at what competing companies are paying their employees. By offering pay and benefits that match or exceed those being offered by others, you’re not only ensuring that your employees are getting the pay that they deserve, but you also have a better chance of retaining top talent.
But what happens when companies don’t have the resources to offer better compensation to their employees right now? In Skillsoft’s IT Skills and Salary Report, many respondents said their organizations have skills gaps because they can’t provide the compensation candidates request.
While your company may not be able to provide more money to top talent, there are other ways to support your employees’ careers by providing opportunities to learn new skills, earn certifications, or even explore other roles within the organization. All of these options can help employees advance their careers, while retaining talent. A lack of professional development is the top reason why people leave their post.
Still, the Skillsoft report also shows compensation is among the top reasons why people seek out a different employer. As a team leader, you must be transparent about what’s possible, providing clarity about timelines, raises, and more. Otherwise, you’ll remain at risk of losing team members.
Disconnection with Company Culture
Having a positive company culture is a huge part of what makes employees want to work at specific organizations. One way to create a positive culture within your company is by promoting an organization-wide culture of learning.
Promoting a companywide culture of continuous learning is a crucial key to success in an organization’s ability to retain, upskill, and empower their employees, particularly in an environment where top talent has more job options than ever. Providing opportunities for skills development helps to ensure that team members feel both empowered and engaged, leading to better outputs and more positive work environments.
Core values like transparency, acceptance, and innovation are of the utmost importance when building a team of professionals who feel seen, valued, and respected for the work they do. By promoting continuous learning, open communication, accessible resources, and opportunities for all within your organization, you are helping to provide the necessary support needed for employees to know that they are important and that the work they are doing matters.
Creating a cohesive company culture is also extremely important with the increase of hybrid and remote work environments. By building a culture of communication, setting clear expectations, and providing remote learning opportunities, you can ensure that employees —regardless of where they are working from — stay engaged, excited, and committed to the work they are doing.
Lack of Career Advancement and Skills Development
Rather than feeling stuck in a certain position, employees want to know that the work they are doing is valued and that they have the potential to grow and advance.
According to research done by the American Psychological Association, 91% of employees say that it is somewhat or very important to have a job where they consistently have opportunities to learn, but only 47% say that their employers offer educational opportunities. Data from our IT Skills and Salary Report also shows that a lack of professional opportunities is the number one reason why people leave their employers.
No matter how smart or talented a person is, there’s always room for growth, development, and continued maturation. When you develop your employees, position them for growth, and provide them with skills training, they’re more likely to want to stay and contribute to your organization.
In order to achieve true enterprise transformation, businesses must focus on building a culture of learning centered around upskilling their talent.
Reasons to Stay
Regardless of where you work, the bottom line is that employees want to feel valued, supported, and respected.
If your company wants to retain top talent, you need to commit to giving them reasons to stay.
For most, employees want opportunities to learn and apply themselves. They want a chance to build new skills or earn a certification — and then put what they’ve learned into action. As a company leader, one of the most powerful ways you can support your staff is by asking each how you can support their journey.
Supportive leadership, fair compensation, a positive company culture and opportunities to learn is a winning recipe to keep employees happy at work. But you can dive deeper into how many feel at work in Skillsoft’s IT Skills and Salary Report — a compilation of an annual survey that asks about job satisfaction, reasons for leaving employers, workplace challenges and more.
And don’t miss out on opportunities to reach the next level in your career with
Codecademy’s Career Center.
