Deloitte’s Talent 2020 report shows that, despite this, nearly one-third of employees are not satisfied with their jobs.
In the past 12 months, nearly one in 10 employees have changed jobs (9%), 22% were promoted and 15% have taken new positions with their employer.
Lack of career progress is the top reason why people seek new employment, with 27% citing this. Fresh opportunities in the market and dissatisfaction with manager are both cited by 22% of respondents seeking a move, while lack of challenge in the job and lack of compensation are behind 21% of people seeking a new job.
The top five retention incentives are primarily financial, with additional bonuses or financial incentives cited by 44%, promotion and job advancement by 42% and additional compensation by 41%. Just over a quarter (26%) say flexible working is a retention tool for them, while a quarter cite support and recognition from managers.
Dimple Agarwal, lead partner for organisation design and talent at Deloitte UK, said: “Instead of addressing broad concerns over high turnover rates, employers now face a more targeted challenge. Companies must adjust their talent management initiatives to focus on retaining employees with the critical skills required to advance their business, as they pose the biggest flight risk.”
Other findings include the fact that Generation X employees (those born in the 1960s-1980s) are the most active in the talent market and 'Millennials' (those aged 31 and younger) are advancing up the career ladder the quickest. The financial services industry runs the highest risk of losing talent, with 25% of employees expressing turnover intentions over the next 12 months. Closely behind are technology, media and telecommunications (23%) and life sciences and healthcare (23%).
Workers in the energy and resources industry express the most satisfaction with their jobs, with 78% agreeing that “overall, I am satisfied at work”. Employees in Europe, the Middle East and Africa are less satisfied with their jobs, compared to those in Asia Pacific and the Americas.
On the back of the results, Deloitte has identified three emerging trends. First, that employees value meaningful work over other retention initiatives. The biggest group (42%) of respondents who have been seeking new employment believe their job does not make good use of their skills and abilities.
Second, employee segments at high risk of departure are employees with less than two years on the job and Millennial employees.
Finally, when it comes to retention, leadership matters. More than six in 10 employees (62%) who plan to stay with their current employers report high levels of trust in corporate leadership.
“Retaining key employees is not simply a human resources function,” said Argawal. “Instead, retention starts with the C-suite and extends through virtually every level of management, down to line managers and supervisors. Strong leadership is one of the most important factors in differentiating between an employee who is committed to their current job and one who is constantly searching for the next career opportunity.”
Talent 2020 was conducted in collaboration with Forbes Insights to explore the changing priorities and needs of employees at global and large national companies. This report features results from a survey that polled 560 employees at large businesses in the Americas, Asia Pacific, and Europe, the Middle East, and Africa across a range of major industries.