Millions of people all around the world are seeking to change their lives since COVID and are leaving their jobs in droves. And understandably, it’s got business leaders panicking.
According to LinkedIn:
•There is a record number of people taking new jobs - The rate of people starting new jobs in Q3 was at its highest level in two decades: 3.1% of those in work (about 1M people) left an old job to start a new one.
•Q3 of 2021 saw the biggest gain in employment and the biggest fall in unemployment. The number of pay rolled employees increased by 160K MoM in October.
•The UK labour market continues to tighten despite the furlough scheme end – this had little to no impact on the job market.
•The number of people resigning from their current roles to start a new one are picking up - The share of people who quit a job to start a new one jumped to 1.2% in the third quarter of 2021. This is just a tiny bit higher than the last peak recorded in Q4 2007.
Business leaders know that retention has never been more important. But it’s more important to gain an understanding of how your workforce feel and evaluate whether or not your usual approach is still appealing.
A question we are putting to our clients is, your workforce’s priorities and needs may have changed in the role - but has your culture and approach?
Here is what your workforce is asking themselves right now…
Am I being paid enough and are my working conditions safe and healthy?
Is my role flexible – do I have a good work/life balance?
Does my employer offer perks and benefits which are valuable to me?
Do I feel a human connection at work?
Am I feeling burnout because I’m expected to work harder?
Do I feel valued and appreciated?
If the answer to more than one of these is no, you won’t have a mass exodus on your hands! But you do have a valuable opportunity to create lasting change in your workplace culture. And it begins with addressing the issues mentioned above.
Why not conduct an employee survey and ask your workforce how you can make them feel valued, challenged, secure and happy? Then create initiatives to make that happen.
Do they need help with childcare, more time off, coaching, flexible working hours, a stake in the company, better communication channels? If these are things which are achievable…then do it!
“If you have a high number of employees and need help managing your workforce – with a fresh, proactive and consistent approach, Omega is the solution.
We offer our clients an innovative Managed Services programme with a host of benefits which ultimately lead to a higher retention rate.
Our team would love to share our ideas for successful retention and a happy workforce.”
Scott Montgomery, Business Manager, Omega
Send us a quick message here or call us today on 01453 827 333.