A recent report from Great Place to Work Belgium and Vlerick Business School highlights that a lack of career development opportunities is the primary reason employees choose to leave their jobs. This insightful research underscores the significance of fostering growth and development within organisations to retain top talent.
The report, titled Great Ways to Explore Career Expectations, was conducted by Felien Lison and Astrid Vandenbroucke of Great Place to Work Belgium, alongside Dirk Buyens, a distinguished Professor of HR Management at Vlerick Business School. The study delves into the expectations employees have regarding their career paths and what they seek from their employers, while also exploring the drivers behind talent retention and attraction.
To gather data, the researchers surveyed over 300 employees based in Belgium during late 2023 and early 2024. Participants were asked to share their thoughts on career aspirations and their ideal employer attributes. The findings revealed that while financial incentives play a role in attracting talent, factors such as opportunities for future career advancement, meaningful work, and a positive workplace culture are crucial in persuading individuals to apply for specific organisations.
The study further indicated that women tend to prioritise flexible working conditions, valuing the ability to choose when and where they work. In contrast, men placed greater emphasis on the financial remuneration associated with their roles. This distinction highlights the varying motivations that drive different demographics in their career choices.
Koen Dewettinck, CEO of Great Place to Work Belgium and Professor at Vlerick, stated, The competition to attract and retain top talent is more intense than ever. With the rise of remote working, an increasingly globalised workforce, and rapid technological advancements, talent has more options than before. He emphasised the need for companies to continuously adapt and invest in effective HR practices to attract and retain their workforce.
The report also examined the channels employees utilise when searching for new job opportunities. Notably, LinkedIn and other social networking platforms emerged as the most popular methods. Word of mouth, company websites, and dedicated job platforms also ranked highly among job seekers.
The researchers explored the concept of the psychological contract, which represents the unspoken agreement between employees and employers regarding mutual expectations. Key findings revealed that employees value a supportive social atmosphere, open communication, collaboration among colleagues, diverse job responsibilities, and competitive pay and benefits. These elements are pivotal in establishing a healthy workplace dynamic.
Moreover, the research concluded that companies boasting a robust employer brand and a reputation for treating their employees well are better positioned to attract and retain talent. Applicants are significantly more inclined to consider opportunities at organisations recognised for their positive workplace culture through awards and certifications.
In summary, the report by Great Place to Work Belgium and Vlerick Business School reveals that addressing career development needs is essential for organisations aiming to reduce employee turnover. By fostering an environment that prioritises growth, flexibility, and a positive workplace culture, companies can enhance their talent retention strategies and remain competitive in today’s dynamic job market.