A study of voluntary turnover
What characteristics of a job, firm, and industry act as predictors of voluntary turnover?
M anagers often assume that employees leave a company in search of higher pay, but recent research from Personnel Psychology suggests that pay is just one of many factors that contribute to turnover. According to the study, other important factors include non-cash benefits, professional development opportunities, and job characteristics. To reduce turnover, managers should consider implementing strategies that address these other factors, as they may be more cost-effective and have a greater impact on employee retention than increasing pay alone.
One important predictor of turnover that is gaining attention in the research is employee engagement. Studies have found that engagement is a useful predictor of turnover, and that employees who feel a sense of meaning in their work, feel safe and supported in the workplace, and are able to manage work-life balance are more likely to stay with a company. Managers can foster engagement by creating a positive work culture, promoting open communication and idea sharing, and providing support for work-life balance. At a high level of importance to turnover predictability is job market perceptions and withdrawal attitudes.
How would a manager measure these factors, though? It is obvious that employees would be hesitant to share their actual opinions on other job prospects and experienced withdrawal feelings with their employer. One way to handle this issue is to collect data on these topics while maintaining employee anonymity. Speaking to this, the researchers suggest managers bring in “neutral consultants to administer surveys,” which will help employees feel confident in their anonymity. On top of this, managers can use absentee rates and monitor how employees utilize time on the clock if an unobtrusive measure is desired.
See JOHNNY SMITH , page 10
THE ZWEIG LETTER FEBRUARY 27, 2023, ISSUE 1478
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