Retention in the Market Research Sector
Curiosity is an attribute held by many researchers. Market researchers are naturally curious. They look at trends, attitudes & behaviours of people and businesses. As they are always on the look out for what’s new and interesting, it’s no surprise that over a quarter of those surveyed (26.92%) who worked in the market research sector answered ‘I am currently employed but actively looking for a job’. when asked ‘How would you describe your attitude to changing employment?’
High retention rates are a challenge for market research agencies and consultancies, especially given the surge in demand (we’ve experienced a 24% increase in number of market research jobs registered so far in 2016 in comparison to the same period in 2015) of experienced professionals in London. Companies therefore need to take extra care of their employees to ensure they are motivated to stay.
Our recent survey showed that the top three key factors which contribute to whether candidates within market research have a wandering eye are …
- Promotion and Salary
It is no secret that financial gain is often a factor that comes into play when looking for a new job. When asked ‘what could your current employer do to improve employee retention?’ 51.28% of market research professionals stated an increase in salary/ financial benefits would improve they commitment to their current employer.
In any industry progression is important; whether it’s financial rewards, a new job title or increased responsibility, promotion plays a vital part in making employees feel appreciated, which often leads to increased commitment from their side towards their company. When asked ‘When were you last promoted?’ over 33.3% of those in market research answered “in the last 6 months”. This is an encouraging result for the sector.
- Flexible and Remote Working
Working in market research can sometimes mean working long & unsociable hours; therefore the option of working remotely or more flexibly to suit personal circumstances could help increase the loyalty of employees within the industry. We asked our respondents if their employer offered Flexi-time or Remote working or both. It was encouraging to see that 1/3 of market research professionals who replied said that their current employer offered both flexi-time and remote working.