Who wants to have their cake and eat it?
More than half of UK employees are looking to change their job
According to company Citation, who recently ran a survey, more than half of employees in the UK are looking to leave their job in the next 12 months. This is not good news for employers.
Not only does this mean added financial cost for companies, but a high staff turnover causes instability, reduced productivity, low morale and when lots of people leave one company, there’s always the risk of it becoming endemic. A trend can start and before you know it, you’ve lost half or more of a department. There is something catching about colleagues leaving, especially if they’ve become negative about their employer – and vocal with it. It can wear colleagues down, and start them wondering if they should make a move too?
“…there’s a hefty price tag attached to the turnover – but that’s not all….From morale and productivity slumps, to potential reputational and recruitment damages, there’s a lot to be lost alongside the employees themselves.” Citation.co.uk
According to Citation’s recent survey, they discovered:
- 64% of 25-34-year-olds are likely to jump ship
- London – 64% of employees ready to leave, in comparison to South East – 46% & South West – 48%
So what are the reasons for this trend?
In today’s climate, it’s not just as simple as ‘money makes the world go around, the world go around...’, as Liza Minelli famously sang in Cabaret!
According to the Citation survey, the most common reasons are as follows:
- 1 in 5 – looking for more career prospects
- 2 in 5 – want a better salary
- 1 in 6 – don’t like the culture
One of the other main themes that employees are keen to improve is the old chestnut, ‘a better work-life balance’, flexibility and working hours that can fit around childcare and location!
Do I hear the words – cake and eat it? :0) and why not? worth a try I say!
So, what can employers do to reduce this trend and the impact on their business?
- Firstly, review your workforce: Identify if this is something your company needs to address. If the work, life balance is one of the main elements that workers’ want to improve, then consider how you can really improve yours.
- Little things can make a big difference: Small changes can sometimes offer a large perceived value + feel good factor for your employees.. Great coffee, Water filters, bike 2 work schemes, computer schemes…the list goes on!
- Do you provide ‘Stay’ interviews: Be proactive and identify problems before employees leave.
- Employee satisfaction surveys: We’ve all seen and done the surveys – it’s worth revisiting the findings, were all the outcomes addressed?
Thanks to citation.co.uk for the data