So what is causing the “Big Quit”?

Unum research found 40% of employees/11.7m workers state the pursuit of better employee benefits as influencing their decision to switch employer

Around four in 10 UK employees (or 11.7m workers based on the most recent ONS data) would consider leaving their employer in the pursuit of better employee benefits, according to new research by leading employee benefits provider Unum UK1.

Small businesses are particularly at risk of losing top talent as although 78% of decision makers at SME employers (250 or less employees) highlight employee benefits as key to recruitment and retention, only 37% have reassessed their benefits since the start of the pandemic.

Under a third (32%) stated that they have no plans to implement changes to their employee benefits going forward, leaving them vulnerable to disengaged employees.

Instead, 46% of the 500 SME decision makers surveyed by Unum would opt to pay bonuses, increase salaries (42%) or facilitate remote/hybrid working policies (34%) to retain staff – whereas only 16% would consider workplace benefits.

However, the tide may be beginning to turn with a subsection of SMEs. 26% of those surveyed suggested that they have, or will soon, introduce new employee benefits, with 28% confirming that they plan on surveying staff to find out the benefits they value ahead of making future changes.

These findings come as Unum’s wider research highlighted the value employees place on high-quality wellbeing benefits and workplace support amid ‘The Big Quit’.

With 40% of employees suggesting that employee benefits are a key influencing decision on whether they decide to stay with or quit – the message is that if employers underestimate the value employees place on benefits, they risk losing staff in the near term.

Among SMEs that have re-assessed their benefits offering since March 2020:

  • 48% were prompted to do so after listening to the changing needs of their staff
  • 21% recognised they were struggling to attract new staff with their current benefits package
  • 20% knew their competition offered better packages

Mark Till, CEO of Unum, said: “As SMEs reassess their company offerings — including their employee benefits — to fit the changing needs of staff, they shouldn’t assume money means everything. Bonuses and pay rises are of course welcome in an environment of rising inflation, but both current employees and future recruits clearly place a value on their broader employee benefits packages that cannot be expressed in pounds and pence. Overlooking this has the real potential to put staffing levels at risk in an increasingly competitive external market.”

  1. Research conducted by Opinium research between 28 September and 1 October 2021 amongst a nationally representative sample of 2,000 UK adults, and between 2 November and 8 November 2021 amongst a nationally representative sample of 500 senior decision makers in UK SMEs

    Read more

    Latest News

    Read More

    The evolving leadership persona

    6 December 2024

    Newsletter

    Receive the latest HR news and strategic content

    Please note, as per the GDPR Legislation, we need to ensure you are ‘Opted In’ to receive updates from ‘theHRDIRECTOR’. We will NEVER sell, rent, share or give away your data to third parties. We only use it to send information about our products and updates within the HR space To see our Privacy Policy – click here

    Latest HR Jobs

    University of Glasgow – Estates DirectorateSalary: £40,247 to £45,163 per annum. UofG Grade 7

    HR M&A Expertise: Extensive experience having led 10+ mergers and acquisitions within or for a global organization, focusing on HR due diligence and integration planning.

    Job Details: HR Director – Mergers & Acquisitions. Join Sage as our Director of HR – Mergers & Acquisitions, a high-visibility role where you’ll lead

    Join Sage as our Director of HR – Mergers & Acquisitions, a high-visibility role where you’ll lead M&A efforts for the People Function—from due diligence

    Read the latest digital issue of theHRDIRECTOR for FREE

    Read the latest digital issue of theHRDIRECTOR for FREE