Why people quit their jobs: it depends. Tenure, motherhood, and the lure of more pay explain much of the reasons according to a new study by PayScale. But flexibility, opportunity and the company’s mission are also critical factors.
“More workers than ever before are leaving their jobs and feeling incredibly confident that they will find another one, and quickly. However, 27 percent of all respondents said the main thing that attracted them when choosing a role at a new organization was the opportunity to do more meaningful work – followed by increased responsibility (17 percent) and increased pay (16 percent). Even 20 percent of those who said they quit for increased pay said that the primary reason they chose their new organization was the opportunity to do more meaningful work.”
Surprise! There are some clear differences between Millennials and Boomers, as well, but probably not for the reasons you suspect:
“Millennials are less likely than boomers to quit because they want more flexibility. They are 9 percent more likely than boomers to quit for more money and are 15 percent more likely than boomers to quit because they are unhappy. And let’s not forget Gen Xers! They are 21 percent more likely than boomers to quit for a promotion.”
What works best for retention? PayScale has two suggestions:
- Adopt a values-based compensation methodology: “For example, if you believe employees are your most valuable asset, pay them fairly. If you value open communication, prove it by communicating salary ranges and your pay rationale to your employees. When the core organizational values do not match with the compensation philosophy, it will seem disingenuous to both current employees and prospective employees.”
- Tailor your compensation package more in line with the needs of your primary demographic: “To attract top talent today, compensation and talent professionals have to be fine tuned to the blend of these attributes that will best resonate with the kind of candidate they are seeking.”