Would you want your next job to be in your current industry? Or would you rather make a clean break and try something different?
These questions were recently posed in a LinkedIn Workforce Confidence survey.
Presently @ 59% of respondents said they either already are looking outside their industry, or, at the very least, would consider doing so.
Think about that for a moment leaders and business owners. Over half the workforce responding to this survey are dissatisfied with their current work situation. Now imagine that half your staff is actively looking for different opportunities right now.
Half your team!
- What is your retentions strategy?
- What is your contingent strategy?
- What is your emergency strategy?
What are the contributing factors?
Money is the #1 motivator for switching industries, coming in at 54% of respondents. I realize you probably understand that money is a temporary motivator, but if the numbers are this high, your team is tired of struggling to make ends meet. Their tired of feeling under-valued. There frustrated with pay discrepancies.
What is the compensation scale in your industry, in your area, and worldwide? Can you compete with higher wages? Can you improve processes, stop some processes, or make adjustments to increase margin, decrease workload, and provide improved compensation? 48% of 54% is 30% of your staff unhappy with their compensation. Are you prepared to address that now?
And then there are those looking for careers that align with their values.
48% responded that they have a strong desire to be working in a field that better matches their interests or values.
As a leadership coach I lean heavily on being real with your company values and finding employees that align with them. As an individual coach, I encourage my clients to lean into their core values, understand them, embrace them, and make choices that align with them always.
Money and satisfaction have a huge impact on motivation. Motivation has a huge impact on employee satisfaction. Employee satisfaction has a huge impact on retention, quality, and production.
Do you have the programs in place to really know your team and know the right steps to take to keep them happy, keep them growing in their field, and keep them as the biggest cheer leader for your business?
The key message, according to LinkedIn:
America is restless. They report seeing recent government data indicating a record 4.3 million people quitting their jobs in August.
Check out the full Workforce Insight data here: Job seekers bet on a fresh start: 59% now consider switching industries | LinkedIn
If you are ready to discuss strategy, change, and value driven culture, message me #valueculture at Gail Kraft | LinkedIn