The primary reasons employees choose to remain with an organization are the demand for Flexibility and Benefits, rather than Compensation alone !
Nicolas BEHBAHANI
Global People Analytics & HR Data Leader - People & Culture | Strategical People Analytics Design
?? Attracting and retaining top talent is the primary challenge faced by human resources professionals in 2024.
?? During this period of Return-to-Office (RTO) mandates in many companies, the main factors that encourage employees to remain with their company are benefits and flexibility.
?? In the current environment, the development of workforce skills continues to be a primary reason why employees choose to join a company.
?? Transparency regarding career paths, deemed a crucial quality for employee engagement, is provided by a vast majority of organizations, according to a new interesting research published by Grant Thornton (US) using data ?? from 620 HR leaders — CHROs, chief people officers, chief talent officers, vice presidents and directors.
?Top retention factors for US companies
Researchers have identified that the key factors influencing HR leaders to attract new employees to their organization include:
??Benefits,
?? Development and training opportunities
?? Initiatives in diversity, equity, inclusion, and belonging (DEI&B).
?Key factors that retain employees within their organizations
Researchers discovered that for HR leaders, benefits such as health, retirement, time off, work arrangement,... are the primary reason employees remain with their organization.
?? It is noteworthy that all compensation factors, such as bonuses and incentives, are ranked subsequently.
?Top leavers reasons factors
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Researchers have found that while HR leaders point to benefits as the primary reason for hiring and retaining employees, several other factors contribute to why employees leave their organizations:
? Insufficient work/life balance,
? Commutes to inconvenient locations,
? Wages not adjusting to inflation,
? The nature of the work/job responsibilities not fulfilling their needs.
Researchers have concluded that the successful organizations of the future will be those whose HR functions proactively address workforce challenges and ensure their employees are well-prepared to meet business goals.
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This research clearly indicates that organizations should focus on retaining top talent through appropriate measures, such as offering benefits and greater flexibility in hybrid work arrangements.
The three factors identified in this study—key retention elements, reasons for leaving, and talent attraction—are valuable data points for any company looking to refine their recruitment and talent management strategies.
Thank you ?? Grant Thornton (US) researchers team for these insightful findings:
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3 个月This one is an authentic research, to an extent applies squarely to India also. Thanks for sharing Nicolas BEHBAHANI ?? In the Battle of Benefits vs. Flexibility, employees choose the ultimate power-up: a dematerialization spell for Fl exibility & Ben efits! obviously with Compensation??? ? ??♂? - TALENT Retention - with best EVP. (Learning for example) T - Trust: Build trust - by fostering open communication & transparency. A - Accountability: Encourage employees to take ownership of their roles. L - Love: Show appreciation & care for your team members. E - Empowerment: Empower employees to make decisions & contribute. N - No Micromanagement: Avoid excessive control & allow autonomy. T - Teamwork: Foster collaboration & a sense of belonging. ??
Co-Founder @ Seatti - Intrinsically motivate hybrid teams to collaborate in person more often through social nudging and facilitated planning.
3 个月I fully agree that felxibility is a huge factor for both attraction & retention these days! Thanks for sharing this Nicolas BEHBAHANI
Time is our most valuable asset. People are done wasting 6-10hrs a week commuting to a job to just sit on their computer all-day long. That time adds up, and is nearly 2 weeks out of the year that could be spent living and enjoying life. ?? Employees are finally realizing they have a voice, and employers need to start listening if they want to keep their top-talent (and attract more).
We sell GREAT tools for engagement and collaboration, globally. Lost Dutchman's Gold Mine game and the Square Wheels images.
3 个月More new data, backed up by a century of old data all saying the same thing. But is anyone listening to these songs?
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3 个月Great insights! Another critical aspect that organizations should consider is fostering a culture of continuous feedback and recognition. Employees who feel valued and acknowledged for their contributions are more likely to stay engaged and committed. Additionally, investing in mental health and well-being programs can significantly enhance employee satisfaction and retention. By creating a supportive and inclusive environment, companies can not only retain top talent but also attract new candidates who are looking for a workplace that prioritizes their holistic well-being.