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What’s really behind the employee exodus?

The economic picture has clearly made a lot of workers focus on economic and job security. A great way to show employees you care about them and want to invest in their future is through some sort of career development training.

Data from the Talent Insights Report* shows a big risk of ‘turnover contagion’ in the UK workforce. The insights suggest employers already seeing staff leave through redundancy or other headcount changes need to take care that more employees don’t follow them out the door.

The survey of over 1000 UK workers found 36% of workers wanted their next role to be at a new employer or in a new industry. The top reason for this was “Recent redundancies/headcount reductions at my company,” with 42% of those who wanted a role elsewhere citing it as one of their top three reasons.

These headcount reductions seemed likely to enflame existing worries about job security as the UK economy has faced grim forecasts. Another top reason for those who wanted to was “I think I can find a more secure role elsewhere” – cited by 30%.

But employers not reducing headcount should stay attentive to other issues that may drive talent out. Other issues cited included “I dislike my boss” (40%), “lack of management responsibilities” (35%), and “poor company culture” (31%).

Poor company culture was a particular worry for those in the “elder millennial” age group – 80% of people aged 35-44 who wanted a role at a new organisation cited it.

Worryingly for employers eager to retain talent, those who did want to leave were not waiting around to do so – 19% were looking for a new role now, 21% will be looking in the next three months, and 20% in the next six months – meaning a majority (60%) were looking in the next half-year.

Economic security seemed to be a big driver for employees across the board. Asked what would encourage them to stay in their current role, 18% of workers said “an assurance of job security”. But money talked more than ever – the top reason cited was “a salary increase” at 45%. Asked what other employers could offer them to encourage them to switch jobs, over half (51%) said “a salary increase” while 32% said “monetary bonuses or awards”.

Ben Thompson, CEO of Employment Hero, commented: “Employers and HR teams dread having to reduce their organisation’s headcount. And these results suggest that if they aren’t careful when they do so, they could lose other staff to other employers, as those who survive a redundancy round are left feeling insecure. Proactive and thoughtful communication with employees at these tough points is key – make sure the people who you need to keep your business running know how much you value them.

“The economic picture has clearly made a lot of workers focus on economic and job security. A great way to show employees you care about them and want to invest in their future is through some sort of career development training. Don’t just quietly assume your best people know that you want them to step up at some point – make clear that this is a goal and help them achieve it. Employment Hero’s Learning Management System lets you formalise this process online to make sure it is being done well.”

*Employment Hero

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    15 July 2024

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