In the past year, 55% of working adults have either started a new job or are looking for one, highlighting the urgent need for businesses to re-assess how they retain talent
According to a report published today by YuLife, the tech-driven insurance company which describes itself as “on a mission to inspire life”, a majority of workers in the US and the UK (55%) are either starting a new job or are looking for one. A further 35% of working adults say it is likely they will consider changing jobs within the next year.
These findings suggest that the Great Resignation may be far from over in 2023, and are a wake-up call for businesses seeking to cut back on the costly and disruptive process of hiring and training new employees.
Addressing stress reduces churn
The report finds that high levels of stress characterise the modern workplace, and businesses which proactively address employees’ concerns around stress and invest in their wellbeing benefit from reduced churn and turnover.
Sammy Rubin, CEO and Founder, YuLife said:
“The world is experiencing the Great Attrition where employers today are under pressure to attract and retain talent. Employers today need to demonstrate their ability to respond to employees’ concerns.”
“This survey highlights how employers have to adapt their management practices to not only include employee needs but also desires. Companies which focus on building a supportive working culture that proactively looks after their staff’s mental, physical and financial wellbeing stand to reap rewards. An engaged workforce is a critical factor towards ensuring employees feel that they matter, and that is vital if you want to attain talent.”
Navigating the Great Attrition era
As a new generation enters the workforce, younger employees increasingly prioritise finding career opportunities that cater to their needs. 74% of working 18 to 24-year-olds in the UK and 79% in the US say they’ve either started a new job or have been looking for a new job over the past year. The same goes for 25- to 34-year-olds, with 64% in the UK and 66% in the US doing so. In contrast, amongst those aged 55+ and above, 64% (UK) and 77% (US) are not considering looking for a new job.
Employers today are looking to retain top talent and avoid endlessly hiring new people. An important need is being able to foster a culture of care and offer flexible benefits. When it comes to attracting new talent, 55% say having flexible working conditions is an important factor when choosing an employer. 64% also say that the benefits made available to employees such as holiday allowance or health benefits are an important factor.
The impact of high turnover goes beyond the increased recruitment costs and extra work for already-pressed HR professionals. It also affects the people left behind, and the organisation. 84% of working adults agree that high employee turnover can have a negative impact on productivity and morale at work. In addition to this, 81% of working adults find their job is either stressful or slightly stressful; while only 17% don’t find it stressful at all. In stressful times, it’s more important than ever to focus on employees’ needs in the workplace and beyond to retain talent and cultivate a supportive community that decreases stress levels.
More factors to consider
· Persuasion is a No Go: Almost half (49%) of working adults believe that if they were planning on leaving their current role, it is unlikely their current employer could persuade them to stay without offering a pay rise. Only 14% agree they would be very likely be persuaded.
· Preventing and Managing Stress: Only 16% of working adults agree that their employer is very active in preventing and managing stress. 23% say that their employer is willing to offer support but only if employees ask and 21% say their employer doesn’t help employees manage stress at all.
· Factors to Leave Work: When asked to select all the factors that would lead respondents to consider leaving their workplace, a majority (54%) of working adults said poor pay and 44% said poor management. A further 40% selected low job satisfaction.
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