Global data from Randstad’s Employer Brand Research 2019 among more the 200,000 respondents show that compensation is regarded as very important, but it is also clear that if companies offer low job certainty or have a weak reputation, employees will quickly be on their way. In this dynamic environment, employers will need to step up to build a solid retention plan and align this with the wider branding strategy.
Employees are taking companies’ and industries’ values more and more into account. The overall reputation of employers is a strong reason for employees to commit to their employer. Data shows that 93% of Czech employees who changed jobs checked potential employers’ reputation, more than half of them (54%) rely on opinion of friends and family. People prefer to work for a multinational company rather than a startup, IT & technologies, automotive and business services appealed most as sectors. The results imply that high employer reputation can help to keep talent committed and close.
A fifth of the workforce has changed employers in the past year and a third plans to do so in the coming year. 27% of respondents plan to change employer within the next 12 months. Overall, only 12% of Czech employees would trade more than 10% of their pay for more job security, which seems an adverse development in these years of low unemployment. Unsatisfactory compensation (51%), a lack of recognition/awards (35%) and long cummuting (28%) are the main reasons for employees to look for a future elsewhere.
With people and companies becoming more agile, employers are forced to come up with smart ways to attract and retain talent. Employee retention can only be fulfilled when employers fully understand the needs of their employees.Young workers (18-24), irrespective of education or position, are the least likely (53%) to stay with their employer if they foresee more career opportunities elsewhere, compared to other generation groups. Millenials (age 25 – 34) are bound to leave if they perceive work-life balance issues.
In 2019, workers increasingly consider convenient location as more important (up 17% from 22% in 2018 to 39% in 2019). Work-life balance, career opportunities and flexibility are also drivers that moved up. The way employers address this, can be an effective retention tool. Attractive salary and benefits were named prominently when asked for the ‘top 5 reasons to choose an employer’ by 71% of respondents in 2019. Job security (55%), pleasant work atmosphere (50%) financial health of employer 49%) and interesting job content (42%) ranked next.