
With one in four UK workers looking to change jobs this year, Stockport-based Hallidays HR shares their expertise for businesses wanting to address employee turnover.
A quarter of workers in the UK are looking to change their jobs this year, according to new research.
The poll of over 1,200 employees, by HR software provider Ciphr, found that one in seven (15%) had started a new job in the last six months or so. While a further one in four (26%) have been ‘actively job hunting’, due to continuing cost-of-living pressures.
Workers at the beginning of their careers who tend to be among some of the lowest earners are the most likely to be primed to leave. Over half (53%) of Gen Z employees, aged 18-24, and a third (34%) of younger Millennials, aged 25-34, said they were looking for better-paying roles.
Some industries may also be facing more of an exodus than others. As many as one in three people currently working in sales (37%), business and management consulting (35%), hospitality and events (35%), and IT (32%) are likely to switch jobs this year (if they haven’t already).
So, What Can Businesses Do?
Greater Flexibility and Wellbeing Support
The major benefit many workers are looking for is flexibility in both location and work patterns. Workers are reconsidering their priorities, switching careers, or thinking of doing so. Plus they’re re-evaluating the importance of a high-flying career versus wanting a better work-life balance with a greater focus on their health and wellbeing.
Workers need their employers to acknowledge their challenges and help them overcome them in whatever way they can, such as providing more wellbeing support, communicating policies more effectively, and enabling managers to utilise flexible working.
A Positive Culture of Belonging
A company’s culture how it lives its values, how well leaders communicate their vision and give transparent updates on progress, how managers support and appreciate their people, and how colleagues speak and include each other, can often set one business apart from another. When an attractive culture has been nurtured, people will feel comfortable and want to stay connected to the people they like and believe in.
For many workers, choosing to stay with an employer will often come down to feeling that they belong. They are connected to the company, leaders and colleagues, and have an ability to see their part in making the business successful and reaping the benefits of new experiences and career growth.
Provide Opportunities for Career Growth and Development
Salary is rarely the only aspect of a job that governs whether people stay or leave. Career and development opportunities have an influence too.
Career development opportunities are those that allow individuals to reach new levels of professionalism through areas like networking, continued education or skill advancement.
This often results in workers obtaining jobs with more seniority or leadership responsibilities.
Purpose
Workers like to work for companies that are purpose driven and live corporate values that align to their personal ones. They want to be part of driving change and seeing the impact their job has in helping the business to achieve its mission. It’s all about alignment to a greater purpose.
Younger generations have a greater interest in global issues around climate change and sustainability, diversity and inclusion, human rights, race and ethnicity issues, than any of their predecessors.
With this front of mind, businesses need to ensure that the future workforce, the talent now coming into business is met by businesses that are equally as passionate about rights as they are.
Address Employee Turnover
Businesses need to understand what is driving employee turnover, to utilise people data to look at the trends, compare that with the market, and be realistic about what constitutes a healthy level of turnover.
Employers should be creating strategies to improve retention where needed. Carrying out exit interviews and conducting engagement surveys are great ways to help shape the broader employee value proposition.