Attention employers! Did you know 26% of employees surveyed in India (and 28% globally) are looking to switch jobs in the next one year? And, if you want to retain staffers, meeting their emotional needs is of utmost importance.
A Boston Consulting Group (BCG) survey of 11,000 employees across eight countries including India, US, Canada, UK, France, Germany, Australia, and Japan, revealed that pay/compensation, benefits and perks, and work-life balance are the top functional needs that employees want to be fulfilled when looking for a new job.
When employees were asked if they were to make a choice, their inclination towards emotional needs rose in terms of importance. While pay and work-life balance topped this list, employees' next priorities were feeling they are fairly treated and respected, having job security and getting the work they enjoy, the global survey conducted between October 6 and 30, 2023 indicated.
The BCG survey found that emotional needs dominate the list of needs correlated with attrition (employees leaving an organisation) while compensation has fallen significantly to the 15th spot. Feeling like one has job security, fair treatment and respect, doing work that they enjoy, feeling valued and appreciated, and feeling supported were in the top five spots.
The report also suggests that 35-year-olds are nearly twice as likely to leave within a year when they cannot see themselves becoming a leader in their organisation. As many as 56% of people under 35 "strongly disagreed" when asked if they see themselves becoming an executive/leader at their organisation.
Want to retain your employees and wondering where to start? Manager quality is the biggest lever to reduce attrition and vice versa
“Managers really matter for retention... as do supportive leaders, access to resources, and equal opportunities,” the report said. As many as 56% of the employees surveyed across the eight countries, strongly disagreed that they were satisfied with their current managers.
Across nearly every market current manager satisfaction and creating equal opportunity remain amongst the top three levers associated with retention of employees. As per the report, employee satisfaction with their manager reduces attrition and increases motivation, satisfaction, and inclusion.
“If leaders want to keep their best people, they need to deploy more sophisticated analytics to understand their employee needs and focus investment on priority actions to reduce attrition risk and increase satisfaction, motivation, and feelings of inclusion,” the report pointed out.
