Companies who think that salary and benefits are what their employees value most are in for a rude awakening. Did you know that of the workers who accepted a new position in 2021, 40% are already actively looking for another job. That’s a big problem when it can cost at least half an employee’s annual salary to replace them.
According to a recent study, a bad work environment is 10 times more likely to make people quit a job than a low salary. The analysis of more than 34 million employee profiles, published in the MIT Sloan Management Review, found that few reported leaving a job over the level of compensation or the annual bonuses.
Here at Averity, the tech experts that we work with on a daily basis — the most sought-after job candidates in Software Engineering, Data Science and Engineering, DevOps, and — aren’t just in the market for a better-paying job. They are looking for a company where they are valued, where they can feel challenged, and where they can use their skills to the best of their abilities.
Talking with these candidates, they told us when they knew it was time to leave their last job. Here are some of the top reasons they mentioned:
They didn’t believe in their company’s values. If you need proof that money isn’t everything, talk to the people who left because their values didn’t align with those of the company they worked for. A recent study revealed that 9 out of 10 people are willing to accept a lower salary to do work that they believe in.
Their company went in the wrong direction. Whether it was new management, a recent merger, a revised mission statement, or someone new at the helm, they no longer felt confident that their company was headed down the right path. Nobody wants to feel like they are on a sinking ship.
Their job offered little or no flexibility. A survey of 5,000 workers found that more than three out of four want to work from home at least one day a week. Most said that they’d prefer working remotely two to three days a week. In the tech field, where working in the office isn’t always a requirement, this was often a deal breaker.
Work negatively affected the rest of their life. Whether they call it work-life balance, or the more new-fangled “life-work integration,” many people have started questioning whether their job overshadows the rest of their existence. They began to look for jobs that didn’t require working nights or weekends.
They didn’t feel like they belonged. It’s great when companies focus on hiring a diverse workforce, but they have to follow through. A study released last year by McKinsey found that one of the top reasons people leave is not feeling like they are a part of the company culture.
Their skills weren’t being used. It’s never good to have your professional skills go to waste. If your skills are collecting dust, it may be time to take them somewhere else. And employees get burned out quicker when their time is spent doing tasks that could be done by anyone.
There weren’t chances for advancement. A new title isn’t a good tradeoff for an opportunity to move up in the company. According to a study released by the Pew Research Center, 63% of people who left a job last year cited a lack of career opportunities.
There were no learning opportunities. According to the Wharton School of Business, about a third of tech workers say that having the chance to hone their skills is the most important part of their job. The vast majority said they would stay with a company longer if they had more learning opportunities.
They dreaded going to work. This is the big one for most people. Nobody wants to have to force themself to get out of bed and get ready for work every morning. The prospect of actually enjoying what they do for a living prompted them to start looking for their next job.