Empowering workers and trusting them with leadership opportunities fosters loyalty
A new study of 32 million LinkedIn profiles has revealed three major trends in keeping the modern workforce happy and engaged in their jobs.
The professional networking site analyzed the factors that purportedly contribute to an employee’s chances of remaining with the same company, and found:
1. Changing roles within the company motivates an employee to stay on
Analysts from LinkedIn discovered that stagnating in the same role for years was one of the top reasons for workers to switch companies. However, organizations that constantly provided employees with a new challenge – by assigning them to a new role – had a greater chance of retaining talent:
- A worker promoted within three years had a 70% chance of remaining with the company
- A worker assigned to a new function through a lateral move had a 62% chance of staying on
- A worker who plateaued in their position only had a 45% chance of remaining loyal
2. Good managers attract good talent
Employers who belonged in the top 5% of organizations with an “open and effective management” were more likely to keep their talent from leaving, the study showed.
In fact, LinkedIn found nearly three in five employees (56%) would decline a 10% pay bump for the chance to stay on with a great boss.
In contrast, companies with poor management teams only had a 32% chance of seeing employees stand by them for at least three years.
3. Empowering your staff fosters loyalty
Companies that take time to develop their talent and provide them with leadership opportunities purportedly had a better chance of building a loyal team. Workers prefer being given autonomy to being micromanaged, the study said.
On the other hand, employers who cared little about developing the influence of their talent and entrusting them with leadership opportunities were only 35% likely to see their employees staying on for three years.