Prioritization revealed: Job prospects take center stage
New Study Reveals Key Factors for Employee Retention
According to the latest Randstad Workmonitor Pulse survey, flexibility, work-life balance, strong leadership, trust, and meaningful professional growth are the most important factors in retaining employees long-term.
The survey found that a majority of workers (83%) prioritize work-life balance over salary. Flexibility in where and when work is done is a key driver of retention, especially for senior and female employees. Hybrid and remote work options significantly attract and retain talent.
Employees also value the freedom to manage their own workload and time. Flexibility backed by trust was rated higher than wellness programs or medical coverage.
Positive leadership behaviors such as clear vision, empowerment, constructive feedback, and recognition of efforts greatly motivate employees and enhance retention. Poor leadership, micromanagement, and lack of trust are major causes of turnover.
Programs offering wellbeing benefits like employee assistance programs (EAPs), health subsidies, fitness allowances, and wellbeing leave contribute to retention but are secondary to flexibility and trust. Professional development matters when it allows employees to grow on their own terms aligned with their personal aspirations.
The survey also highlighted that employability is a foundational expectation for most workers. Employability is a priority for 51% of fully remote workers, 63% of hybrid workers, and 71% of those fully on-site.
Two thirds (67%) of workers prioritize employability over remote working options. This suggests that workers are willing to trade some flexibility for job security and career advancement opportunities.
The value exchange must feel fair to both parties to be successful. 73% of fully remote workers would give up a higher salary to preserve flexibility, and 70% would forgo promotions.
Knowing and understanding their leadership team is also important for employees. 67% of workers say that understanding their leadership team would help them stay longer.
In conclusion, the survey highlights that flexibility, work-life balance, strong leadership, trust, and meaningful professional growth stand out as the most important factors in retaining employees long-term. The value exchange must feel fair to both parties to be successful, and employability is a foundational expectation for most workers.
[1] Source: Randstad Workmonitor Pulse survey [2] Source: Randstad Workmonitor Pulse survey [3] Source: Randstad Workmonitor Pulse survey
- In the realm of business careers, companies prioritizing health-and-wellness initiatives, such as employee assistance programs, health subsidies, and wellbeing leave, may enhance retention but they are secondary to key factors like flexibility and trust.
- The financial sector should take note that in many workplaces, including careers at finance companies, workers prioritize work-life balance over salary, indicating a growing importance placed on work-life harmony and flexibility in the workplace.
- Given the findings of the study, science and technology companies wanting to retain top talent should recognize that offering wellness programs might not be enough; instead, highlighting their ledership's strong, positive qualities, promoting work-life balance, and providing flexible work options are the key elements that will help boost employee retention in the long term.
