A new report from Achievers reveals only 19% of employees feel engaged in their workplace. It also goes on to say up to 64% of employees in the survey may leave their jobs in 2020. This comes out to almost two-thirds of employees who may not be working with their current employer.
The 3rd annual Employee Engagement & Retention Report highlights the importance of employee engagement. The 2020 employee engagement statistics from that report show that in today’s workforce, people are looking for more than a salary from the company they work for.
For small businesses competing with fewer qualified candidates, employee engagement is now a key factor in long-term retention as well as new hires.
In the release for the report, Achievers’ Chief Workforce Scientist, Dr. Natalie Baumgartner, addresses this very issue. Baumgartner explains a substantial portion of today’s workforce already has one foot out the door. And this is much different from last year’s data. In that report, 65% of employees were planning on staying at their jobs.
This means employers have to be proactive in engaging with their workforce. Baumgartner adds, “Employers must take immediate action to reverse these feelings of underappreciation and disengagement. If they don’t, the risk of turnover and underperformance in 2020 is immense.”
Why are Employees Leaving?
Simply put, employees feel they are not being heard. A whopping 90% of the respondents in the survey say they are more likely to stay if a company takes and acts on feedback. Nevertheless, 15% also say their company does a horrible job at soliciting feedback. And another 43% give their company the second-lowest grade, stating it is just okay.
So, what is the impact of the disengagement taking place? Of the 15% who say their company is horrible when it comes to acting on feedback, 44% plan to look for a new job. On the other hand, the number goes down to 28% for those saying their company is awesome.
People are always going to look for better opportunities, but if you make it easier to leave, they will have no reason to stay. Keeping the engagement level of your company high is not a guarantee, but it will make your business a more desirable place to work. And if you are competitive in all other aspects, this might be a deciding factor.
Additional 2020 Employee Engagement Statistics
Overall, exactly one third (33%) of the employees plan to stay at their current job in 2020. This is slightly higher than the 18% who say they are very engaged. By the way, this same 18% also plan to remain for a long time.
As to why they will leave their employer, compensation and career advancement take the top spots respectively. However, the third biggest reason is lack of recognition, which is quite high considering all other factors. This issue is so important, more than four in five or 82% say they wish they received more recognition for their work.
And not surprisingly, employees see leadership as the cause of this problem. Only 23% say the leadership of the company they work for is more than or very committed. A full third (33%) say they are minimally committed and 12% are not committed at all. Another 32% have average commitment, with respondents saying they are reactive but not proactive.
Conclusion
The report says, “Employers must take immediate action to retain and engage their workforce. They must work to build a culture where workers feel appreciated and their feedback is valued – or risk a mass exodus of talent.”
This might seem a bit alarmist, but currently, the unemployment rate in the U.S. is at historic lows. And this means it is much harder to find and keep qualified candidates.
The good news is it is much easier than ever before to keep your workforce engaged. With the right technology, you can keep your employees happy by recognizing, applauding and rewarding their efforts.
The Survey
The survey for the report was carried out by Achievers online in October 2019 with a sample size of 1,154 respondents in North America. The respondents are made up of 47% males and 53% females. The age group includes Gen Z (13%), Millennials (46%), Generation X (21%), and Baby Boomers (20%).
Image: Depositphotos.com