Study: Many plan to job hunt after less than a year on the job
- New data from a study by digital marketing firm Adtaxi revealed that 52% of U.S. workers plan to look for a new job in 2019, and of those who will take part in the hunt, 54% landed their current job less than a year ago.
- Other results showed 61% of the prospective job hunters will do an internet search, and 59% will use a job board. More than 40% of those who are planning to job hunt will network and communicate by word-of-mouth. Job hunters are also looking for diverse opportunities; a third of respondents who said they will job search over the next year also said they will look outside their current industry. Adtaxi executive vice president Chris Loretto said that social media, job boards and search engines have made it easier for people to switch jobs and for recruiters to approach passive job seekers — those who aren't actively looking for a new job but are open to new opportunities.
- Adtaxi recommended that recruiters: 1) approach the current state of job hopping by considering workers' commuting preferences, as most job seekers said they will not commute for more than 30 minutes; 2) touch on the most important messages in job promotional materials, which include salary/compensation (most valued by 34% of respondents), benefits, company brand, work-life balance, and company culture; and 3) showcase the organization through video, since 63% of job seekers prefer to see a video about an organization's culture than read about it during their job search.
Turnover is reportedly at an all-time high, rising to 19.3% this year — a full percentage point over 2017. An employee-driven labor market accounts for some turnover by allowing people greater freedom to look for jobs offering more money, career development opportunities, meaningful work and a better culture. As Adtxaxi pointed out, however, technology has made the job hunt faster and much more convenient and efficient. As such, employers are challenged to attract top talent from the applicant pool and pique the interest of passive job seekers and get current talent to stay onboard.
As recruiting gains importance, traditional tactics have proved insufficient. Just as technology has aided job seekers in their search, it has also streamlined, refined and personalized the recruitment process. Recruiters are using predictive analytics to determine which applicants might be best suited for the job opening and the organization's culture. Employers can leverage such tech tools as predictive algorithms and contextual re-targeting to create personalized ads according to candidates' career interests, browsing history and other preferences. By personalizing ads, the hiring process can be more accurate, efficient and create a better candidate experience.
The cost of not getting turnover under control is too high for organizations to ignore. By some accounts, employers can expect to pay $15,000 per worker to fill a vacancy. Better engagement strategies can counter-balance high turnover rates, and the process begins with great managers. Exceptional leaders show their team members appreciation, help employees feel that they're part of the "big picture," focus on workers' strengths instead of their weaknesses, and have ongoing discussions with employees.