2024 Strategic Workforce Planning Insights(via Korn Ferry)
A list below- Shows both why the bulk of people, leave or stay somewhere long term.
Our survey revealed that the primary reasons people quit their jobs are centered around five key drivers. Low compensation is the most significant driver, as employees seek better financial rewards elsewhere. Limited career advancement opportunities also push employees to leave, as they crave growth and development that their current roles may not offer.
Additionally, a lack of job security makes employees feel uncertain about their future, prompting them to seek more stable opportunities. Inflexible working hours are another critical factor, especially in today’s environment where flexibility is increasingly valued. Lastly, poor company culture or misaligned values lead employees to seek workplaces that better align with their personal and professional beliefs.
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Want to keep your talent happy so they won’t leave?
Prioritize their pay and benefits. Our respondents told us that having a generous compensation package makes them more likely to stay put. But there’s more to work than money, and many other factors also play a crucial role in retention.
GENEROUS COMPENSATION
TOTAL FLEXIBILITY OF WORKING HOURS
HIGH JOB SECURITY
COLLEAGUES I ENJOY WORKING WITH
MANAGER I RESPECT AND TRUST
DEVELOPMENT OPPORTUNITIES
Commentary-
You're probably wondering: How do successful organizations manage this seemingly impossible dynamic? In my experience, the key lies in finding the right balance. As Korn Ferry highlights, flexibility and compensation top employees' concerns today, which makes sense—people naturally seek competitive pay while preserving control over their schedules.
While some may exaggerate this dynamic, I've found that most employees genuinely value fairness above all. People have lives and families, which understandably take precedence over workplace demands. Providing market-level or better compensation without forcing employees to miss important personal moments, like attending a child’s baseball game or worrying about taking time off for appointments, is fundamental.
Ultimately, Korn Ferry emphasizes—and I strongly agree—that effective management, purposeful leadership, and genuine respect for employees' personal lives result in happier, more productive teams. The COVID era introduced many professionals to the benefits of hybrid and flexible schedules. However, I've observed a noticeable trend: numerous organizations are reverting to more in-person attendance but offsetting this shift by offering highly competitive compensation. Thoughtfully balancing flexibility with attractive pay structures will be essential for organizations aiming for long-term success.
Luke