According to Talent Edge 2020, a survey series conducted for Deloitte Consulting LLP by Forbes Insights, meaningful work holds more importance for an employee than any other retention initiative being adopted by their respective companies.
The survey, which covered 376 global senior executives and talent managers, said 42 per cent of respondents who have been seeking new employment believe their job does not make good use of their skills and abilities.
Commenting on the survey, Deloitte India Senior Director Human Capital Advisory Services Thiruvengadam P said: "With the economic uncertainty following the great recession, more and more employees see their best career option as developing their skills with their current employer."
The survey further said that employees with less than two years on job expressed the strongest turnover intentions (at a high risk of departure), with 34 per cent indicating they expect to have a new job within a year.
"Effective retention strategies should be aligned with the needs and desires of critical talent, especially when they belong to groups with a high risk of turnover," the survey said.
The survey added that trust in leadership is an important retention factor and a critical component of job satisfaction. Around 22 per cent of respondents cited dissatisfaction with their manager or supervisor as a top reason to look for a new job.
Interestingly, compensation plays a key retention driver in Asia Pacific (APAC) region as 68 per cent surveyed employees in the Europe, the Middle East and Africa (EMEA) region report they are either satisfied or very satisfied with their bonuses, compared to 53 per cent of APAC employees who rate their bonuses satisfactory, the report said.