Intangible factors seem to be the leading reasons employees stay on the job, particularly enjoyment of their tasks and a good work-life balance.
Fewer employees keep their current positions due to compensation or a lack of job opportunities, according to the Workforce Retention Survey released by the American Psychological Association (APA). Although 60 percent of respondents said they stay with their current employer because of their employee benefit package and almost as many cited pay, more than two-thirds indicated they do so because their jobs fit well with their lives and an equal percentage said they enjoy their jobs.
These findings may be surprising to some given the state of the job market, researchers noted, but the results seem favorable for employers, supervisors and HR experts who are concerned with worker retention. The responses suggest many are doing a good job keeping their employees satisfied, and less than 40 percent indicated that a lack of other opportunities motivates them to stay in their current job.
"To engage the workforce and remain competitive, it's no longer sufficient to focus solely on benefits," said David Ballard, head of APA's Psychologically Healthy Workplace Program. "Today, top employers create an environment where employees feel connected to the organization and have a positive work experience that's part of a rich, fulfilling life."
Age and gender influenced workers' priorities
Researchers did note some differences in responses along gender and age lines. Women placed more importance on their relationships with managers, co-workers and the organization itself. Additionally, more of them cited their work-life balance or enjoyment of their work as the reason they were staying with a current employer.
In terms of age, younger workers seemed more focused on their managers and relationships with co-workers, while older employees were more likely to cite their benefits, work-life balance and enjoyment of the work as their reason for staying. They also placed more emphasis on their connection to the organization, and were more likely to cite an opportunity to make a difference as a reason to stay.
Those between the ages of 35 and 44 were more likely to cite their pay as a reason to stay at their current job than any other group, the study revealed. Employers may wish to keep these considerations in mind and look at the makeup of their workforce when considering how to attract and retain talent.
