Is Workforce Loyalty A Thing of The Past?

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Is Workforce Loyalty a Thing of the Past?
Should I Stay or Go Now?
Presented by:
Jeff Quinn
Senior Director of Research, Monster Worldwide
Paul Jamieson
Director of Research, Monster Worldwide
Co-hosted by:
http://www.facebook.com/monsterww
@monster_works
@monsterww
http://www.monsterthinking.com/
http://www.youtube.com/user/MonsterVideoVault

Agenda For Today’s Webinar:
Introduction to Loyalty
What’s Going On
Behavior Reveals the True Story
What Employees Really Want
What Should You Do

The GOOD News
86% now recruiting for open jobs
58% companies adding workers
16% increasing compensation
10% increasing benefits
Source: Monster Research Study: Worker Loyalty, 2011

The NOT SO GOOD News
76%
of employers think they
FAIRLY COMPENSATE
their workers
41%
of HR Executives find it
MORE CHALLENGING to attract talent for new jobs
ONLY 33%
of workers
FEEL THE SAME WAY

The BAD News
While companies report that worker loyalty has decreased just 14.5% in past year…
82%
of employees say they have updated their resume in the past six months
59%
are looking for a job all the time

What’s Going On?

Do you like your job?
Yes – I LOVE IT
No – Are you really asking me this
I am just glad to have a job – don’t love it – don’t hate it
Please Vote to the Right of Your Screen

Who do you identify with???

Overall, people like their job
50%
30%
20%

And they like many aspects of it
Workers Are Satisfied On Many Levels
Workers Largely Respect Their Companies

Standard measures of loyalty are respectable
How likely would you be to recommend your company as an employer to a friend or relative?
45%
very or somewhat likely to recommend

“EMPLOYEE” Net Promoter Score is dismal
How likely would you be to recommend your company as an employer to a friend or relative?
Promoters
20%
Employee
Net Promoter Score
-38
Detractors
58%

Behavior Reveals the Full Story

Workers are restless and not very loyal
I would consider another job if
someone I trust referred me…
87%
Strongly Agreed

Tenure does not equal loyalty
“Would Consider Changing Jobs”

Resumes are being updated all the time
When was the last time you updated your resume/profile?
2% Do not have one
8% More than 12 months
18% 3-6 months
64% 1-3 months
82%

More than half are actively looking for a new job
2% Never
11% Seldom
28% Occasionally
28% Frequently
31% All the Time
How often do you look for a job
59%

What Employees Really Want

Many factors are at play when making the decision to accept an offer
Top 5:
91% Higher Salary
88% Better Benefits
87% Career Advancement
78% Better Leadership
78% Better Company Culture
91%
Said a higher salary was very important when deciding to take a new position

Company size is yet another factor
Interest in working for different sized companies

Perceived value of working for different sized companies
Smaller Companies
Larger Companies
Stable workplace
Better benefits
Higher salaries
Chances for promotions
Better resources
Being part of a family
Feel more valuable
Treated as individual
Bigger impact
Opportunities to learn

What Should You Do

#5
Address misaligned salary, compensation perceptions

#4
Find ways to improve the company culture

#3
Manage your employer brand effectively

#2
Expand and improve your talent acquisition strategies

#1
Keep your “A” players
Don’t treat all your employees the same

Thank you & Questions
CONTACTS:
Jeff Quinn
Senior Director of Research, Monster Worldwide
jeffrey.quinn@monster.com
Paul Jamieson
Director of Research, Monster Worldwide
paul.jamieson@monster.com

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Is Workforce Loyalty A Thing of The Past?

by Monster.com on Jun 16, 2011

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Is Workforce Loyalty A Thing of The Past? — Presentation Transcript