Whether it is poor pay, lack of appreciation, a long commute, or a tyrannical boss, many employees across America have just about had it with their jobs. This has led some employees to either passively or aggressively seek to leave their job within the next three months. The compensation experts at Salary.com recently identified 8,000 employees likely to look for a new job in the next three months, and asked them what makes them want to leave their current job. The results may surprise you.
The Top 10
#1 Inadequate Compensation
Salary.com’s survey results show that inadequate compensation is by far the number one reason that dissatisfied employees want to leave their job. It has been proven time and again that fair pay practices benefit not only the employee, but also the employer (by reducing unwanted and unanticipated turnover costs). Employees who are paid competitively, relative to their specific market, are generally much happier.
#2 Inadequate Opportunities for Career Advancement
Opportunity for career advancement is a major factor in retaining employees and keeping them happy. 37.3% of dissatisfied employees cited inadequate opportunities for career advancement as the reason they want to quit. Empty promises by upper management, such as promotions that don’t pan out, have led many employees to give up on moving up the corporate ladder at their particular company.
#3 Insufficient Recognition or Appreciation
The three major portions of an employee’s total rewards package are compensation, benefits, and the work experience. The work experience includes things like company culture, dress code, and how employees are recognized and appreciated for individual contributions and accomplishments. The fact that 34.2% of dissatisfied employees are disgruntled because of insufficient recognition or appreciation shows the importance of elements of the work experience, such as employee recognition programs.
#4 Boredom
20.1 percent of dissatisfied employees are unhappy because of boredom. There is only so much socializing with coworkers, surfing the Internet, or simply spacing out that an employee can do before it’s time to find a new job.
#5 Inadequate Benefits
Results recently released from Salary.com’s 2005 Small Business Basic Medical Coverage Survey show that nearly 90% of small businesses are paying more this year than last year for basic medical insurance for their employees. And these soaring healthcare costs are forcing small businesses, in many instances, to adopt measures that lower employee take-home pay.
#6 Inadequate Opportunities for Professional Development
15.3 percent of dissatisfied employees feel as if they have reached the pinnacle of their professional development at the company at which they are currently employed. Whether they are leaving to further their education, start their own business, or find a job that promises more professional growth, opportunity for professional development proves to be an important factor in retaining and satisfying employees.
#7 Insufficient Job Security
Insufficient job security is a result of a variety of different factors, including outsourcing, industry decline, lack of profits, competitive threats, and rumors that the company may be sold.
#8 Undesirable Impact on Health or Stress Level
Many employees are working long, hard hours and are finally realizing the effect that their job is having on their overall health and stress level. Some of these employees are opting to leave the workforce entirely, while others are in search of a job that won’t give them an ulcer.
#9 Poor Relations with Management
Bosses everywhere, beware! Your employees are watching you and may leave because of your behavior. Even though poor relations with management ranked as the ninth most common reason unhappy employees want to leave their job.
#10 Undesirable Commute
Rising gas prices have become an effective pay cut for America’s commuters, and many are starting to think about leaving their job for something closer to home. Assuming that individual and company goals are met, employees can expect a salary increase of 3.7 percent this year.