Over the next year, 80 percent of employees expect to stay with their organizations, a jump from 65 percent in 2011, according to Talent 2020, a new survey by Deloitte Consulting in partnership with Forbes Insights.
Another 46 percent of respondents say they're less likely to switch employers because in the past year they've changed jobs at 9 percent, received promotions at 22 percent or have accepted new positions with their employers at 15 percent. Despite this, 31 percent of respondents report not feeling satisfied with their jobs.
"Instead of addressing broad concerns over high turnover rates, employers now face a more targeted challenge," says Bill Pelster, principal and U.S. talent services co-leader at Deloitte Consulting. "Companies must adjust their talent management initiatives to focus on retaining employees with the critical skills required to advance their business in today's turbulent marketplace as they pose the biggest flight risk."
Of those respondents who've been searching for new employers, 42 percent say their positions are not adequately using their skills and abilities. The respondents who are more likely to leave are age 31 and younger with fewer than two years of experience on the job. Sixty-two percent of respondents planning to remain at their employers say they highly trust corporate leadership.
"Retaining key employees is not simply a human resources function," Pelster says. "Instead, retention starts with the C-suite and extends through virtually every level of management, down to line managers and supervisors. Strong leadership is one of the most important factors in differentiating between an employee who is committed to their current job and one who is constantly searching for the next career opportunity."
The survey finds that most respondents are interested in other employment opportunities for nonfinancial reasons. In fact, the top reasons respondents report leaving are lack of career progress at 27 percent, new opportunities in the market at 22 percent, dissatisfaction with management at 22 percent and lack of job challenges at 21 percent.
Still, when it comes to retention, most stay for financial reasons. According to the survey, the top retention incentives are additional bonuses or financial incentives at 44 percent, promotions at 42 percent, more compensation at 41 percent, flexible work arrangements at 26 percent, and support and recognition from managers at 25 percent.