This question is faced by the Human Resource Department almost all the time. What does one do to ensure that the employee stays?
Maybe a pay hike will be useful, more engagement programs, a better culture, a more conducive environment for growth etc. The options are simply endless, and it seems tough to be sure of what would click with the person.
So, at Qbikel, we thought of researching on the topic a bit, interacted with a lot of people in our peer group, some HRs as well, went through a lot of exit interview documents, sat in some of them too and then we found a lot of surprising facts!
The countries in question were India and the USA- mostly because that is where we have been operating all this while. Now, we could have expanded the geographical boundaries for our research further. But given the fact that India as a nation is a testing ground for almost everything, we felt that we had an excellent focus group.
So, here is what we found!
The Audience Description
Before we delve into the details, let us define the audience for you. So our audience:
a) Belonged to firms with more than 30 full-time employees
b) Was divided into the age groups of 22-30, 30-45 and 45 and above
c) Was spread across entry-level to mid-management levels
d) Had completed at least graduate level of education
Now, having laid out the broad characteristics, let us look at what we eventually found!
a) 54% of the workforce in the companies felt the need to switch within the first year of joining
b) 37% of the 35+ age group wanted to stick with the firm for at least two years before making the next switch because else it would have reflected poorly on their resume
c) Surprisingly, and much contrary to what people usually say, 67% of the people were okay with the work culture and did not find it to be a reason to switch
d) This fact may come as a further shock, but roughly 83% of the candidates felt that their salaries were okay, and as long as they get a hike in the next FY, they will not want to switch
e) The 22-30 age group which included the entry or towards the mid-managerial level employees saw some tumult though! This age group was driven by growth. Almost all of them were okay with switching for a better package
f) About 47% of the people in the said age group envisioned themselves in better roles and working in fast-paced environments
g) The connotations drove roughly 93% of the people in this age group. The titles did matter to them.
And while these were some of the data points, there was one thing that was unequivocally mentioned by all. This one point was:
“Employees were happy to continue in their roles if they were continually given decent hikes within the organisation. In addition to this, interdepartmental transfers and promotion beyond the usual bell-curve logic was something that everyone wanted to see!”
Not sure, how much we need to explain it, but the fact that people do not want to change their job for any random reason speaks volumes.
Maybe, just maybe, we take the obvious aspects of growth for granted, which results in the employees seeking that elsewhere.
Is there a solution to it?
An Internal Talent Marketplace does seem like one!
How about, we explore it together with Qbikel!