Employee Loyalty Declining Worldwide
A recent survey by Mercer, a global HR consulting firm, shows that employees around the world are becoming less loyal to their employers. In the U.S., the percentage of workers seriously considering leaving their employer has increased from 23 to 32 percent since the survey was last conducted, before the current economic downturn.
“The overall employment deal is in a state of flux around the world, with employees rethinking what they want out of the employment relationship,” says Pete Foley, a principal at Mercer. “Our research shows that, despite the ongoing economic uncertainty, more employees would consider leaving today for a better opportunity.”
Underscoring what HR professionals have known for years, the study finds that nonfinancial factors play a more prominent role in employee job satisfaction than financial ones. Workers report that being treated with respect is the most important factor, followed by work/life balance, type of work, quality of co-workers, and quality of leadership. Base pay came in sixth on the list of factors most important to motivation and engagement.
This is good news for employers who want to retain their good employees but do not have the resources to increase compensation. In essence, being treated with dignity and enjoying a positive work experience are the factors most important to employees who are considering whether to stay or leave.