28 Percent of Employees Plan on Interviewing for a New Job in 2018. Here's What It Means for You
As the talent shortage creates change, we all need to understand how it impacts our own work.
For hiring managers in the United States right now, competition for finding talent is thick. Unemployment rates are the lowest on record since December of 2000. In fact, according to The Hill, 14 states are reporting all-time record-low unemployment rates. And, if you're curious how all of this might be affecting you, take a peek at your LinkedIn profile views. All of those people who hold the title of "LinkedIn Member" who are viewing your profile in private mode, are most likely recruiters.
At first glance, this might lead us to believe that employees are seeing opportunities to grab higher paying jobs, and some might actually be doing exactly that. However a new study released by University of Phoenix reveals different reasons that twenty-eight percent of adults working full time want to leave their jobs--it's not just because there's a talent shortage and companies are hiring, but instead it's because these employees are bumping into ceilings in their current roles.
"I love the company I work for, and the people I work with," said Kelly, an HR manager who recently approached me after I spoke at a conference in New Mexico. "But, there's no room for me to grow. It's not the company's fault. After seven years here, I either accept the fact that I'm going to retire in the exact job I started with, or I move on."
Findings from the University of Phoenix echo Kelly's thoughts. "Many factors influence an employee's decision to change jobs. Benefits, salary, commute, culture and numerous other aspects affect someone's decision. Still, our findings show that the opportunity for career advancement may be one of the most important," said Dennis Bonilla, Executive Dean at University of Phoenix. "In fact, fifty-three percent of our survey respondents said they wished they could remain at their current job until retirement."
The intention to stay at one company definitely exists, but the opportunity, well, according to respondents, not so much. According to the survey, about twenty-two percent of U.S. employees say they are being prevented from moving up in their career because their organization lacks in growth opportunities. Sixty-four percent of employees said that they want to be promoted within their current organization, but forty-seven percent felt that it was not likely.
"When you see all the factors at play, it raises two serious questions," Bonilla told me. "The first question is how can employers create opportunities for growth so their people don't leave? If career advancement is not available, employers have to provide pathways to train employees to keep their skills relevant. Implementing engagement surveys and taking action also can help uncover ways to keep and satisfy employees."
"What's the second question?" I asked.
"The second question is how do employees respond to this?" he asked. "No matter where you are in an organization, you want opportunity for growth--financial growth, educational growth, professional growth or personal growth. The point is; we all want progress."
For employers, a talent shortage means engaging employees is more critical than ever. And, while there are numerous avenues an organization can take, my colleagues and I have witnessed the best success when engagement is simplified in to three categories.
1. Connect people to purpose.
Your employees were excited to join your organization for reasons bigger than a paycheck. They wanted to make a positive difference and believed they were the best person to achieve it. Connect your employees to the role they play in making a difference. Remind them how their work impacts the team or organization. And, allow them to see how their work is being received by coworkers or customers.
2. Offer great work opportunities.
We forget that great work isn't easy. To create outstanding results, we need to roll up our sleeves, sweat, bleed, and struggle. Employees want an opportunity to work hard on something they care about. If you want to engage people, look for projects (even outside of a job description) that employees can tackle.
3. Show Appreciation.
Research conducted by the O.C. Tanner Institute shows the number one thing employees say that their boss or organization could give them that would inspire them to create great results is recognition. If you're not good at communicating how much you appreciate your people, your people will find a company who is good at it.
For employees, a talent shortage means options. "It's a great time for employees who may have been already looking for change," Bonnila told me. "But, for people who wish to stay at their current company forever, I encourage them to seek out available advancement opportunities. It may not be a promotion. Look at every option where you can add value to your company. When you add value beyond what's expected, most likely your company will open the door to your growth."
No matter what side of the table you're sitting on (doing the hiring, or being interviewed) a talent shortage typically means change is on the way. The question is, what does it mean for you? Either way it means we all need to put our best foot forward--as employees who can add great value, or as leaders who can help others become their best.
PUBLISHED ON: MAY 23, 2018
As the talent shortage creates change, we all need to understand how it impacts our own work.
For hiring managers in the United States right now, competition for finding talent is thick. Unemployment rates are the lowest on record since December of 2000. In fact, according to The Hill, 14 states are reporting all-time record-low unemployment rates. And, if you're curious how all of this might be affecting you, take a peek at your LinkedIn profile views. All of those people who hold the title of "LinkedIn Member" who are viewing your profile in private mode, are most likely recruiters.
At first glance, this might lead us to believe that employees are seeing opportunities to grab higher paying jobs, and some might actually be doing exactly that. However a new study released by University of Phoenix reveals different reasons that twenty-eight percent of adults working full time want to leave their jobs--it's not just because there's a talent shortage and companies are hiring, but instead it's because these employees are bumping into ceilings in their current roles.
"I love the company I work for, and the people I work with," said Kelly, an HR manager who recently approached me after I spoke at a conference in New Mexico. "But, there's no room for me to grow. It's not the company's fault. After seven years here, I either accept the fact that I'm going to retire in the exact job I started with, or I move on."
Findings from the University of Phoenix echo Kelly's thoughts. "Many factors influence an employee's decision to change jobs. Benefits, salary, commute, culture and numerous other aspects affect someone's decision. Still, our findings show that the opportunity for career advancement may be one of the most important," said Dennis Bonilla, Executive Dean at University of Phoenix. "In fact, fifty-three percent of our survey respondents said they wished they could remain at their current job until retirement."
The intention to stay at one company definitely exists, but the opportunity, well, according to respondents, not so much. According to the survey, about twenty-two percent of U.S. employees say they are being prevented from moving up in their career because their organization lacks in growth opportunities. Sixty-four percent of employees said that they want to be promoted within their current organization, but forty-seven percent felt that it was not likely.
"When you see all the factors at play, it raises two serious questions," Bonilla told me. "The first question is how can employers create opportunities for growth so their people don't leave? If career advancement is not available, employers have to provide pathways to train employees to keep their skills relevant. Implementing engagement surveys and taking action also can help uncover ways to keep and satisfy employees."
"What's the second question?" I asked.
"The second question is how do employees respond to this?" he asked. "No matter where you are in an organization, you want opportunity for growth--financial growth, educational growth, professional growth or personal growth. The point is; we all want progress."
For employers, a talent shortage means engaging employees is more critical than ever. And, while there are numerous avenues an organization can take, my colleagues and I have witnessed the best success when engagement is simplified in to three categories.
1. Connect people to purpose.
Your employees were excited to join your organization for reasons bigger than a paycheck. They wanted to make a positive difference and believed they were the best person to achieve it. Connect your employees to the role they play in making a difference. Remind them how their work impacts the team or organization. And, allow them to see how their work is being received by coworkers or customers.
2. Offer great work opportunities.
We forget that great work isn't easy. To create outstanding results, we need to roll up our sleeves, sweat, bleed, and struggle. Employees want an opportunity to work hard on something they care about. If you want to engage people, look for projects (even outside of a job description) that employees can tackle.
3. Show Appreciation.
Research conducted by the O.C. Tanner Institute shows the number one thing employees say that their boss or organization could give them that would inspire them to create great results is recognition. If you're not good at communicating how much you appreciate your people, your people will find a company who is good at it.
For employees, a talent shortage means options. "It's a great time for employees who may have been already looking for change," Bonnila told me. "But, for people who wish to stay at their current company forever, I encourage them to seek out available advancement opportunities. It may not be a promotion. Look at every option where you can add value to your company. When you add value beyond what's expected, most likely your company will open the door to your growth."
No matter what side of the table you're sitting on (doing the hiring, or being interviewed) a talent shortage typically means change is on the way. The question is, what does it mean for you? Either way it means we all need to put our best foot forward--as employees who can add great value, or as leaders who can help others become their best.
PUBLISHED ON: MAY 23, 2018