It isn’t just the paycheque or the perks.
The biggest reason even the best workers quit is the lack of career progression. In fact, 82% of employees would leave their job over this issue more so than over pay.
Online resource CareerAddict.com surveyed nearly 1,000 employees in 2019 to give companies an idea of what could convince workers to quit on them. Respondents named three major factors:
- Lack of career growth
- Low pay
- Absence of salary raise
The desire for career progression appears to be shared by all workers regardless of age. The majority of respondents were Millennial and Generation Z workers (67%). However, the results stayed true across all age groups.
Researchers also surveyed workers who have already left their employer: 35% said they wouldn’t mind going back to the company if they were offered better pay or a higher position. Overall, however, only 18% of employees said they regret having left their job.
“We wanted to truly uncover what exactly pushed workers over the edge,” said Christopher Thoma, project manager at CareerAddict.
“Our findings were quite fascinating, showing that the modern workforce is more complex than ever, with job satisfaction and progression proving vitally important.”
Aside from issues with career progression and pay, workplace discrimination also figured as one of the top concerns that cause workers to quit.
More than half of respondents (53%) said they were discriminated against by their boss, while one in four workers said they were discriminated against because of their gender.
There appears to be a gender dimension in all of this: 61% of those believed to be bullied by their boss and 76% of those believed to have encountered gender bias were women.
The only real way to get a handle on employee retention is through learning and development. After all, why would employees stick around if you’re not willing to help them grow and reach their full potential?
To learn more about the emerging trend in L&D, sign up to HRD Canada’s upcoming L&D Masterclass here.