Should focus on great resignation shift to ‘great retention’?

Survey finds employers overestimate how much employees love their jobs

Should focus on great resignation shift to ‘great retention’?

Employers are overestimating how much employees love their job, and these gaps between employer perceptions and employee reality are critical to understand for employee retention.

According to a survey carried out by the University of Phoenix Career Institute, 85% of employers believe their employees love their job.

Only 66% of employees, however, share this sentiment, found the survey of over 5,000 adults.

In terms of work-life balance, 93% of employers said their employees experience this, compared to 81% of workers. Ninety-one per cent of employers also believe their employees feel empowered, compared to 78% of workers.

There are also gaps around mental health/wellness resources. The survey found that 81% of employers say they offer them, but only 62% of employees agree.

More employers (89%) also said they provide upskilling opportunities for employees, but only 61% said of workers they frequently receive this. 

Shifting to ‘great retention’

The results of the index come as employers are grappling with the so-called great resignation, which is costing employers thousands as employees come and go. 

A recent report from ELMO Software revealed that the cost of hiring an employee went up to $23,860 per candidate in 2022, more than double from the $10,500 the year before that.

"Employee turnover is expensive and disruptive for employers," said TaMika Fuller, co-author of the whitepaper, The American Workforce: From the Great Resignation to the Great Retention, which analysed the index.

The great resignation can turn into the great retention if employers can tap into what employees need, including skills development, according to the report.

"Employers have a great opportunity to apply strategies learned over the course of the pandemic to better understand employee expectations, leverage incentive loyalty programs and flexibility, and explore how upskilling strategies can support their operations and individual employee growth," Fuller said.

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