Tower’s Watson released some data recently from a fairly large study of over 32,000 employees and 1,600 HR professionals which ranked critical factors of retaining your employees. Here are the results:
Not surprising, money pretty much rules as always. You want me to stay? Pay Me!
What is surprising is how high up “Job Security” is on the employee side of the study. For years Millennial experts have been telling us how these young kids don’t care about job security, they care about balance, importance of the work they do, challenging projects, etc. Apparently, HR got the message, but the kids didn’t!
Studies like this always make me question ‘experts’. Don’t you get the feeling that millennial experts are really just snake oil salesmen? Never has a millennial expert said kids care about job security. “Oh, these kids will work 10-20 jobs in their lifetime! They are not looking for life time employment.”
So, employers believe job security isn’t important to employees (or probably more truthfully is the fact that employees have very little control over job security), so they push factors like Career Advancement and Challenging Work. When in reality it’s very Maslow-esque easier than that. Employees today, much like employees 100 years ago want basically the same thing:
2. To know they have a job when they show up in the morning
3. A chance to move up in the company they work in.
Fairly straightforward. Fairly easy. Fairly consistent over time.
The question is, can you deliver this as an employer?