Talent shortages in a tight labor market are impacting companies across the US, according to a Thursday report from Eightfold.AI. Some 73% of executives report that finding talent is a challenge, and 66% say they struggle to retain talent in their organization, the report found.
The report surveyed more than 1,000 CEOs or CHROs of companies with 1,000+ employees, as well as 200 non-managerial employees. Of the employee set, 84% said they want to change jobs. However, only 54% said they want to change companies, meaning employers have a chance to keep them if they make the right moves.
On average, 61% of employees surveyed said they don’t stay in the same organization for more than three years, and 56% had changed employers in the past three years. Employees cited feeling their work is not valued, issues with management, and salary dissatisfaction as the main reasons for having changed roles or being in the process of looking for a new job, the report found.
SEE: IT jobs 2018: Hiring priorities, growth areas, and strategies to fill open roles (Tech Pro Research)
Pressure from recruiters may also encourage employees to make a job change: 55% of employees said they get unsolicited messages from recruiters on a weekly basis, according to the report. This number is likely much higher for technical professionals in IT, engineering, software development, and similar roles.
Even employees who said they’d like to leave their companies said they would stay if their employers offered them more opportunities, the report found. Here are the top five reasons employees would choose to stay at their current company:
- If my salary accurately reflected the work I do (52%)
- If I really liked the company culture (43%)
- If I got on well with my coworkers (36%)
- If I enjoyed the type of work I do (33%)
- If I felt valued by my employer (31%)
Executives should consider their culture, and have HR pull average salaries for at-risk employees, and work on strengthening relationships in the office.
For more information on why employees leave jobs and how to retain them, click here.
The big takeaways for tech leaders:
- 73% of executives report that finding talent is a challenge. — Eightfold.AI, 2018
- 84% of employees said they want to change jobs. — Eightfold.AI, 2018