There’s no question this past year has been a good one for jobseekers. The unemployment rate is historically low. Starting salaries have increased. Impressive benefits are plentiful.
But what about employees who have been at their companies for, say, even a few years and missed reaping the rewards of a hot job market? Maybe the kind of workers who like their jobs and consistently have performed well, but are starting to feel like an afterthought?
I’ve been hearing more about those workers lately, and it’s got me thinking: Sure, a lot of employers made huge changes to their benefits packages this year as a way to retain and attract talent. But are they really working to retain their existing talent, or are they alienating them by simply going after new blood?
I’ve heard from a number of employees who are demoralized — and outraged — when they see jobs identical to theirs posted at a much higher salary level. I’ve heard from overworked employees who are tired of org charts being overhauled to include more managers with much higher pay. And from others who complain they are missing out on the benefits of a hot new perk — think a student loan repayment program — that may get new 20-something workers in the door, but doesn’t help them.
Overall, these workers share the same thought: Their companies are so focused on hiring the next best thing that they aren’t doing anything to keep — or, dare I say, encourage — them.
But the issue is coming to a head: Americans are quitting their jobs at the fastest pace in 17 years, according to the latest Labor Department statistics.
Are many employers pushing away their existing workers? Signs point to yes. Sure, the tight labor market plays a role in employee job-hopping, but other factors, such as low engagement levels, are a factor, too.
Only one-third of U.S. employees are engaged in their work and workplace, and only 21% believe their performance is managed in a way that motivates them to do outstanding work, according to new Gallup research.
There are other factors causing employees to quit in droves — from poor leadership (lest we forget: one in two employees have left a job to get away from a bad manager or supervisor) to a lack of career development, lack of work-life balance, stagnant wages and benefits, and a poor work environment. Managers can talk about new and innovative benefits all they want, but a strong work culture — in which employees feel valued, appreciated and respected — will always be the must-have benefit.
Attracting new talent was the hot topic of 2018. But I predict we’ll hear more about retaining existing employees and rewarding company loyalty in 2019. If not, expect some of your best — and often under-recognized — employees to walk out the door.
