Posted: 11 Apr 2017
One third of HR directors have reported that their staff turnover rates are increasing. Turnover rates have shot up for 36% of companies over the last three years, thanks in part to bored employees.
The study, conducted by Robert Half UK, found that while businesses are beginning to wake up to the reality, more needs to be done than simply offering incentives. In Dan Pink's Ted Talk 'The Puzzle of Motivation', he cites three key factors in workplace contentment and productivity. Namely, autonomy, mastery and purpose. When any of these are lacking, employees will begin to feel boredom tug. It is no secret that humans need to be challenged and when there's a discrepancy in career direction within their company, employees will begin to look elsewhere.
The reasons for wanting to quit will be familiar to HR executives and echo ideas expressed by Pink; the survey found that some 35% blamed boredom and frustrations with their current role or organisation, 31% reported a poor work-life balance and 30% cited poor opportunities for career growth.
Boredom, which ranked in first place, is a problem that permeates businesses of all sizes. The study shows that larger businesses have been affected the most severely, with almost half (42%) reporting it as the main reason for staff turnover. Comparatively, medium-sized and small businesses scored 35% and 27% respectively.
As a consequence, businesses are making changes in order to improve employee retention. The study found that 63% have introduced flexible working measures, 45% have begun to offer more competitive salaries, while others are offering the opportunity for employees to receive training and career guidance (33%). Other tactics also include increasing internal promotions (30%) and counteroffers (14%).
However, while most people would not say no to a higher paycheque, these changes fail to address boredom. As Pink expressed, it is important that employees see and feel value in their work, otherwise they will feel that their time has been wasted.
Of course, finding the right candidate first time improves retention tenfold. Contact Stopgap today to see how we can help.