A survey released from ADP Research Institute revealed that as many as two in three workers at mid-sized employers are open to taking another job and leaving their current position. There are many reasons why workers are more open to transitioning into a new career including:
- Low unemployment rates
Unemployment rates are down dramatically, with the lowest jobless rate in around a decade. This means employers are having difficulty filling positions at their organizations because there are more open jobs than there is demand from workers. Employees know there is lots of opportunity due to low unemployment rates and, unlike when the economy is growing more slowly and jobs are scarcer, workers do not feel like they have to stay put if they want a steady career or a hope of advancement.
- A change of higher pay
According to the survey, a 13% pay increase would be a trigger to most employees to get them to leave their jobs. Workers can often be enticed away from their jobs with an offer of more compensation in a new position, but may not be as willing to go if they like their work and feel they’re getting a competitive salary.
- The opportunity for a better career path
Although pay is important to workers, the chance for advancement is also a big incentive for employees to move out of their current jobs. As many as 46% of workers replying to the ADP Research Institute survey said they would be willing to consider a different position, even if that position meant a drop-in salary, provided that they had a better career path or their other job expectations could be better met at the other business.
When unemployment rates are low like they are now, it is important for your company to make sure you are offering a competitive pay and benefits. It’s also vital to make sure you’re providing an excellent work environment where employees feel supported, believe they can advance, and like what they do.
If you do need to hire new workers in this time with jobless rates at recent lows, you should consider getting help from the professionals. Spectra 360 can assist you in finding qualified candidates interested in working for your company. Contact us today to find out more about how we can help.