We've compiled a report on employee job satisfaction and retention across HR professionals and management teams in Ireland and the UK to provide insight on current market trends. Here's what we found.
During this study we ran an opinion poll on what three things keep employees happy...
- Fair remuneration
Although many other factors were ranked as important in contributing to job satisfaction, including work life balance, work culture and environment, the report indicated that 36% of respondents believe that fair remuneration, recognition and flexibility are the key elements in employee happiness. Training, support and career progression were also rated significant, whereas, transparency, trust and compassion received the lowest score with just 3%.
The report also indicated that employees are changing jobs more frequently with the average time spent in a job at two years. Statistics suggest that employees in low skilled and junior roles tend to stay in a job for one year or less whereas senior and management roles average around four years.
The frequency with which employees are changing jobs is supported by the noted increase in employee turnover, up 8% compared to the national average which is 13%. Notably, 85% of respondents felt that more could be done within the company to retain employees.
It was found that 10% of respondents conduct employee appraisals three times a year or more. The majority, at 56%, conduct appraisals once a year and 24% exactly twice a year. 10% were found to not conduct employee appraisals.
One of the biggest areas of contention was the question around counter offers and whether the use of a counter offer is practical or counterproductive. Largely throughout the study the result was very even and teetered between yes and no.
The final result, 52% agree that counter offers do work. Notably, retention rates were higher in the companies that endorsed counter offers.