As The Job Market Improves, Job Hopping
Will Heat Up
By Laura Stevens
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
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.
-- Ms. Stevens is an intern with CareerJournal.com.
Article from CareerJournal. November 2004