Do You Know Who’s Planning Their Exit Strategy?

Fourth quarter is a popular time to conduct employee engagement surveys since many organizations want quantifiable data to begin their strategic planning process for the upcoming year. However, recently the individuals inquiring about conducting an organizational survey have said, “We really need our data now, because we are worried about people leaving or thinking about leaving in the future.” When we ask questions about their turnover rate, they usually say it is not significant at this point. Further questioning reveals that while turnover is not a factor now, potential turnover in the future is a significant concern.

Our clients are wise to consider the impact of turnover, even if it is not currently impacting their organizations. In a recent study commissioned by AFLAC and conducted by Research Now in January and February of 2012, it was revealed that 49% of employees surveyed reported that they are at least somewhat likely to look for a job in 2012. Of even more concern to employers, a majority of those who said they were either likely or extremely likely to look for work elsewhere, described themselves as a hard worker (90%); a high achiever (79%); highly educated (73%) or ambitious (64%). In other words, these are just the employees that employers need to keep to remain viable and competitive.

While the basis of the AFLAC study dealt primarily with employees’ perceptions about their benefits. Workers who were extremely satisfied or satisfied with their benefits were nine times more likely to stay with their employer than those who were dissatisfied with their benefits. Other important trends were also identified:

– 35% of workers who don’t believe their company has a reputation as a great place to work indicated they were likely to leave in the next 12 months

– 33% of workers who don’t believe retaining employees is an important priority for their employer say they are likely to leave

– Workers who are stressed out are more likely to leave than workers who are not stressed (43% vs. 25%)

– 28% of employees who say they are extremely likely to leave their job in the next 12 months say they don’t have peace of mind

This research is current and conclusive. While no one knows precisely where our economy is going, there are enough prevailing indicators for employees to begin thinking about their exit strategies. While many employees are happy to have a job after the great recession, many are tired of being a part of a strategy that focuses more on your bottom line and survival and less on the employees that ensured your survival. Having weathered the worst, many employees are now beginning to ask, “What’s in it for me?” and think about their future opportunities and growth potential elsewhere.

Based on our experience and the quantifiable data evident in our surveys, what employees tell us matters most to them these days is:

– Working with good team members and a good boss

– Being able to contribute their ideas and opinions and have a say in the work they do

– Being recognized for their contributions to the team’s success

– Feeling like they are a valued, important team member

– The ability to learn and grow in their jobs

– Doing work that matters… work that is meaningful and challenging

– Working in a trusting environment where they are empowered to complete their work to the best of their ability

– Having flexibility in where they do their work, when they do their work, and how they dress when they do their work

During these uncertain times, do you really know what your employees are thinking about you? When the opportunity presents itself, will they stray, or stay with you? Make engagement and retention critical organizational goals as you move forward. If you don’t know what’s on the minds of your employees, how will you know when they are designing their exit strategy?

There’s never been a better time to conduct a survey and identify reality from your employees’ perspectives. Find out what they like and what concerns them. Communicate the results of the survey to your team members, along with the corrective actions that you will take, based on the outcome of the survey. You can’t afford to lose touch with what’s really important to your most valuable asset, your people.