Demand for new jobs to hit employers
Insync Surveys has released its ‘Retention Review’ report, which predicts a surge in staff turnover as the job market picks up.
The report, based on 1,548 employee responses, indicates that fewer departing employees are citing a ‘lack of job satisfaction’ as their number one reason for leaving – selected by 10% of employees in 2009 compared to 14% in 2007.
The respondents point to ‘work stress’ and ‘job security’ are increasingly common. There is also a decline in ‘pay and conditions’ as a driving influence in their decision to leave.
James Garriock, Insync Surveys CEO believes that employees aren’t any happier, they just haven’t been leaving due to dissatisfaction.
“We are predicting turnover to be above the long-term average by the second half of 2010 if job supply trends continue. This is an important and urgent issue because most organisations are oblivious to the threat. Those that chose to take a hit and hold on to their talent in the downturn are already celebrating. They need to act now or they face a second hit by losing key staff just as activity picks up.”
Recent statistics released by Roy Morgan Research suggest that Australian unemployment has risen in February, up 32,000 to 907,000, the highest since January 2004.