Could You Deal with a Senior Management Resignation Today?
It’s old news that the 25-year career with a single company is a thing of the past. In fact, the average employee in the United States stays with their employer for an average of 4.6 years. That takes into account all industries, and not all industries are made equally: 8 years with a law firm sounds pretty reasonable, but 8 years at a tech start up sounds like someone who drags their feet. Finance and marketing are no different: in fact, some industry pundits claim that people who stay in their job too long actually wind up earning less than counterparts who are more willing to move.
As it turns out, just over 75% of Canadian employees working full time are willing to change careers. Look around your office and imagine three quarters of it empty, and that’s what people are really thinking. Another alarming statistic to recently emerge is that 35% of Canadian employees are serious about a career move, and may be actively looking. Meanwhile, two-thirds of people in senior management positions are looking to do the same. These are the people who keep your company moving, so what are you going to do if they catch you off guard with a letter of resignation?
While Vancouver recruiters are often wary of job hoppers, since employers see them as a potential waste of valuable training resources, there’s also a balance to be struck. Competitive employees can often command a higher salary when they jump ship, rather than having their raises capped by a fixed percentage point. It makes you wonder, why are your long-term employees sticking around? Is it because of generous benefits, financial rewards, or an organizational culture that works for their lives?
What’s Behind the Move?
The four main reasons people want to change careers are what you would expect. According to IQ Partners headhunting services in Vancouver, the primary motivating factors for a career change include:
- Higher salaries
- More flexible schedules or paid time off
- More career opportunities
- Healthcare benefits
How Can You Improve Retention?
Understand what employees want: Don’t just try and figure out why people are leaving; understand what makes them stay. Understanding employee happiness means that you can make your hires last longer. When you work with a recruiter like IQ Partners, you can begin to screen better for organizational culture, and find people who are going to be the right fit. However, there may be some changes your organization has to make itself.
Provide a work-life balance: Top talent, especially at senior management levels, are often less motivated by a higher salary than a position that will fit better around their own lives. Better benefits and flexible schedules are another way to appeal to creative, passionate employees who are looking for more out of life than just a bigger paycheque.
Never stop recruiting: Even the best retention strategy won’t stop people from moving on; there are just too many reasons to do so. That’s why you should always be recruiting, networking, and keeping tabs on talented figures in the industry. Recruiters working with firms like IQ Partners in Vancouver are always following rising talents and star candidates. Don’t get blindsided by resignation letters; always have your eye on your next hire.