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iHire’s 2021 Talent Retention Report provides data-driven advice for doing just that, including enabling more workplace flexibility, ensuring salaries and benefits align with market standards, and considering career changers with transferable skillsets in recruitment efforts
FREMONT, CA: “The labor market is experiencing a shakeup-in August, 4.3 million Americans quit their jobs, according to the Bureau of Labor Statistics, while 10.4 million positions remain unfilled,” said Steve Flook, iHire’s President and CEO. “To solve talent shortage woes and minimize turnover, employers must examine how they are nurturing both current and potential employees-what appealed to job seekers pre-COVID-19 may not work today. iHire’s 2021 Talent Retention Report provides data-driven advice for doing just that, including enabling more workplace flexibility, ensuring salaries and benefits align with market standards, and considering career changers with transferable skillsets in recruitment efforts.”
According to iHire’s 2021 Talent Retention Report, 31.4 percent of employees left their positions voluntarily in the previous year. Based on the results of a poll of 3,948 U.S. workers, the third annual research claims that job transitions, poor pay, a desire for workplace flexibility, and employer COVID-19 policies are primary drivers of a great resignation. In addition iHire has also been recognized as “Top 10 Recruitment Software Solution Providers-2019” by HR Tech Outlook.
The following are some of the key results from iHire’s 2021 Talent Retention Report:
Year-Over-Year, Voluntary Employee Turnover Is Up 6.5 Percent: In iHire’s 2020 Talent Retention Report, 31.4 percent of employees stated they left a job voluntarily in the previous year, compared to 24.9 percent who said the same. While a 6.5 percent increase is not a significant increase, resignations are occurring at a higher rate than layoffs or terminations - 20.2 percent of survey respondents left a job unwillingly in the previous year.
Employees Are Changing Professions: In the last year, 21.1 percent of respondents stated they had made a big career move (that is, they left a job to pursue a completely different industry or career path versus simply changing their place of employment). Employees in industries most affected by COVID-19, who reevaluate their career aspirations and explore areas that promise greater stability, are likely to drive this trend.
Salary Is the Top Motivator for Leaving (And Staying): 70.9 percent of survey respondents indicated they would leave a job because of poor compensation, while 77.9 percent said a wage boost would persuade them to stay with their current employer if a better job offer came up. According to this survey, salary is the most important element in deciding whether to leave or stay at a job for the third year in a row.