Employers need to rethink and invest to 'sustainably build manager skills,' says expert
More than one in four employees are planning to leave their current employer within a year, and a new report says managers will play a critical role in making them stay.
Boston Consulting Group's (BCG) latest survey among 11,000 employees from eight countries found that 28% do not see themselves with their current employer within a year.
According to the report, pay or compensation is the top reason (63%) why employees would take a new job at a new employer. Other factors include:
- Benefits and perks (28%)
- Hours/work-life balance (26%)
- Doing work that I enjoy (20%)
- Better career/learning opportunities (17%)
Emotional needs for retention
However, the report also found that emotional needs are on top of the work attributes correlated with retention. These needs include:
- Feeling like I have a job security
- Feeling fairly treated and respected
- Doing work that I enjoy
- Feeling valued and appreciated
- Feeling supported
Pay dropped significantly to 15th place when it comes to work attribute most related to retention, according to the report.
Role of managers
Managers also appear to play a critical role when it comes to retention, according to the report.
Findings from the survey revealed that being satisfied with their current manager reduces the attrition risk from 28% to 16%. On the other hand, when employees disagree that they are satisfied with their current manager, the attrition risk grows by 28 percentage points to 56%.
In addition, the report said great managers are also associated with a 3.2x increase in employee motivation, a 13.9x increase in job satisfaction, and a significant increase in feelings of inclusion.
According to BCG, this shows that investing in managers and incentivising them to excel in their roles can be the most impactful investment companies can make to retain their best staff.
Deborah Lovich, a managing director and senior partner at BCG, and co-leader of the team behind the study, said employers need to rethink and invest to "sustainably build manager skills."
"Token, ad hoc training modules don't cut it. It's like saying you get in shape by watching an exercise video or going to a spa," Lovich said in a statement.
"Daily routines need to be reworked every day, throughout the day, to build great management habits and 'muscles.' Investing in developing better managers who can deliver the connection, support, appreciation, and motivation all employees–and frankly, all humans–crave is a no-regrets investment."