The pandemic swooped in earlier this year and wiped out any sense of normalcy at home and in the office. There are 12.6 million people unemployed in the U.S. Hundreds of thousands of businesses shuttered. And countless people are rethinking what they want out of life and their careers.
As a manager, you need to know what's on the mind of today’s top talent and understand current salary trends. And that’s where we come in.
To get into the brains of what creative, marketing, design, and development folks are thinking, we surveyed over 2,000 professionals. And to find out what they’re getting paid, we collected salary data from 19,000 more. The end product is our 2020 Talent Insights Report. What we found out might shock you as much as it did our data analyst.
Here is a sneak peek at just one of the five main findings outlined in the report. (Yes, there’s more!) Get your copy of the full report to find out the other major takeaways we learned, the latest salaries, and what you can do to manage like a boss.
Kiss half your colleagues goodbye
You read that right. Nearly 50% of talent said they’re looking to leave their jobs in the next three to six months. This is especially telling given the aforementioned state of the job market right now.
It’s an enormous price for any organization to pay. The estimated cost of replacing each employee is 6-9 months’ salary! But it’s also a blow to company morale, as the remaining team often loses a friend and has to pick up the work slack. Not to mention the time involved in hunting for talent, and then getting the newbie up to speed once you find someone.
1 in 3 aren’t happy at their jobs
Of those we surveyed, 33% say they are dissatisfied or very dissatisfied with their jobs. For those who aren’t great with numbers, that’s one-third of creatives and marketers.
And why is this so important? Because when people are satisfied with their jobs, it’s better for everyone. Obviously for the employees themselves, but also the organization. When you have a happy team, turnover is lower, productivity is higher, and profits are better.
The art of the woo
Okay, so things are serious. But not impossible. The key? Organizations and managers need to tap into what today’s top talent really want in this topsy-turvy time. Did we mention, we created a beautiful report that’s chock-full of what’s on the minds of more than 2,000 professionals?
Research in the past 50 years shows that businesses typically rely on rewards that only motivate people in the short term. Best-selling author and TED Talk favorite Daniel Pink explains, “These are very effective for simple tasks with short timeframes because humans love rewards,” but “for tasks that are more complex, creative, and conceptual with longer time horizons, we need a different motivational regime.”
So, if not the if-then rewards, what? Well, according to our respondents, much of it comes down to leadership. Here’s a hint: This is the second year in a row that poor leadership was the number one reason people left their old jobs. We’ll give you a moment.
Do not pass go, get the report
By this point, you must be chomping at the bit to learn how you can keep your rockstars happy and engaged—it’s always tricky, but somewhat next level in the middle of a pandemic.
The 2020 Talent Insights Report has you covered. Wait until you read what’s happening with the gender pay gap (you’ll turn 50 shades of blue), another major story this year. Request your copy of the report today!