August 03, 2018 – Meghan Maynard - Insights, Marlyn Group, parking industry, leaders, career seekers, 2018 Parking Industry Career Seeker Survey™, employee satisfaction, Blog

Parking Industry Workforce Trends Revealed

This past June we invited over two thousand parking professionals to participate in our 2018 Parking Industry Career Seeker SurveyTM, and with nearly 600 responses received, we're excited to help you put what we learned to use.  

One eye-opening parking career trend revealed...

Given 48% of those surveyed said they are looking to change jobs in the next 12 months (90% of which are from operations - gulp) parking organizations would be wise put a bright light on their talent retention strategies in order to mitigate turnover and associated consequences while keeping top talent engaged and productive.  

For those of you looking for a new opportunity, we're excited to share what your peers had to say when it comes to evaluating and selecting a company and role where you will be happy and engaged.

Whether you're ready to take steps toward a new career or are an industry leader looking to improve talent retention and employee advancement, the 2018 Parking Industry Career Seeker SurveyTM  results can provide parking industry-centric metrics and key takeaways to help meet either or both objectives.  To receive your copy, just click below: 

2018 Parking Industry Career Seeker SurveyTM Results

 

If you’re in a leadership position, keep these retention strategies in mind:

In addition to noting compensation and benefits as an important factor, participants also stated that unstable financial results (28%) as well as company culture (26%) are contributing factors that play a role in employees searching for new job opportunities.

When your employees are satisfied with their role, they are more likely to stay, helping to mitigate cost of turnover. Employee Benefit News recently reported the cost of turnover for an employer is an average of 33% of an employee’s annual salary each time a position turns over, while Bonusly notes the cost to replace a highly-trained employee has the potential to exceed 200 percent of their annual salary. These costs can multiply quickly for an organization, making it crucial for employers to preserve top talent.

Recognition of accomplishments by employees, the opportunity to grow, as well as an approachable and trustworthy leadership team all aide in boosting employee happiness, therefore leading to increased productivity. When employers practice retention strategies, it creates a positive and enriched environment for not only the individual, but the team as well.

If you’re a career seeker, note these takeaways:

Overall, participants were generally satisfied with their career. Yay parking industry!  Respondents rated compensation (43%), a better incentive plan (38%), as well as a better health benefits and retirement program (32%) as factors contributing to why they would be searching for a new career opportunity. However, as noted by Fast Company, financial incentives simply aren’t enough to create a satisfying workplace. Employees noted that company culture would be a factor that would raise their engagement (33%), as well as a lack of company culture being a reason they would leave their current position (26%).

If you are searching for a new opportunity, it's worth noting that survey participants recognize that these elements are meaningful to them in their career search, and it is important to know how to obtain what they want from their work. It is no surprise that compensation and benefits are top motivators in obtaining a career. In order to get the salary and benefits you want, it is crucial to know the market that you are in and more specifically, know the company you are seeking to work for. Along with these, aim to prove your value through knowledge, accomplishments, and qualifications. Lastly, be patient and keep a realistic and achievable salary range in mind when asking for what you want.

Finding a career that aligns with your values and goals helps an employee reach their full potential and satisfaction, while simultaneously contributing to the organization. To find a company whose culture aligns with your values and visions, know exactly what you are looking for before making your next career move, and know your employer. Research prospective organizations, read the company website, browse their social media, and look to current employees for reviews.

Recognition and development opportunities were also high priorities for survey respondents.  If you are looking for a new opportunity, keep in mind that interviews are a two way street.  Use this time as an opportunity to learn about how your prospective leader approaches leading team members and to find out what you will be provided in terms of support and resources to do your job effectively.  

If you're a leader who wants to discuss your talent acquisition and/or retention needs, please click here to schedule a free 30-minute consultation with Colleen Niese, a Principal at Marlyn Group who has almost 25 years of parking industry HR experience.

If you're a career seeker who would like to discuss best next steps for advancing your career, click here to schedule a free 15-minute discussion with our Director of Recruitment Services, Tim Winterich.

If you have additional comments or questions, please email us at letsconnect@marlyngroupllc.com, we’d love to hear from you!