While most employees have clung to their jobs in the past year, employers are
bracing for a wave of turnover when the economy picks up as expected next year.
A survey released today by the Society for Human Resource Management (SHRM), based in Alexandria, Va.,
and CareerJournal.com, reveals that half of the 389 SHRM
members polled say they haven't seen a change in voluntary resignations in 2004,
as compared to 2003. However, 38% say they've seen a rise and 12% report the
rate dropped.
Still, 67% of the survey respondents say it's very or somewhat likely they'll
see more employees heading for the exits in 2005 as the job market begins to
improve. Only 26% say it's somewhat unlikely that the improving economy will
change their voluntary turnover rate, and just 8% say it's very unlikely.
The survey also queried CareerJournal.com visitors for the perspective of
employees. These respondents included active job hunters and those who are "just
looking." Nearly half (47%) of the employee respondents who were currently
employed say they plan to begin or ramp up a job search as the economy and job
market improve.
Employees and HR pros agree that the top reasons for quitting are: a
better-paying job, a better career opportunity, and a greater chance for career
development.
Some companies are making a pre-emptive strike to prevent an exodus of
employees. About a third of those in human resources say their company will take
steps to retain employees as the economy improves.
Foremost among these efforts will be monetary rewards, with 59% of respondents
reporting they will provide competitive salary increases and 41% of HR
professionals saying they will award bonuses. Half of the respondents provide
career-development opportunities and 57% say their company promotes qualified
employees to keep them satisfied.