Worker recruitment and retention31/08/2022
A recent survey conducted by accounting giant PwC has found that almost a fifth of the over 2,000 workers who completed it reported being “very or extremely likely” to change jobs within the next 12 months.
An alarming statistic for employers, especially at a time when recruitment is difficult and costly in the (almost) aftermath of a pandemic and ever-present consequences of the rise of living costs.
So why are so many workers looking to change roles? It would appear that a combination of poor job satisfaction and factors attributable to the pandemic are the main reasons.
PwC identified multiple reasons contributing to job dissatisfaction including income, skills, and age, to name but a few.
Income and pay reviews
Those with higher incomes tended to be individuals who were able to carry out their jobs from home and were likely to be specialist trained compared to those who were on medium and lower incomes.
From this alone, a visible trend is emerging – those with better paying jobs were reporting higher levels of job satisfaction and those on lower incomes were not as satisfied.
For those employers looking to retain their employees, perhaps a review of their pay packages would help in identifying any potential issues and minimise the risk of loss of talent.
The disparity between workers with in-demand skills and those without also show a rift in job satisfaction.
Workers with in-demand skills generally felt more satisfied with their jobs and, similarly importantly, more listened to by their managers.
These statistics raise an important point about job satisfaction, how workers valued being “listened to” by their superiors.
Naturally, being heard and listened to is important and especially in a professional setting as it allows workers to freely voice their concerns and issues, in turn creating an atmosphere of openness and honesty.
Employers would do well to instil good listening values in their senior staff in order to promote better job satisfaction throughout all levels of workers.
Age has always been a factor in demonstrating disparities in a workforce.
With the moving times, age has affected job satisfaction in a plethora of ways such as pay, development opportunities, digital or technical skills, and concerns that employers are not teaching workers the relevant skills for their careers.
In each of these statistics, Gen Z and/or Millennials all outweighed Gen X and Baby Boomers.
So what does this mean for employers? Should they be catering more towards the needs and wants of Gen Z and Millennials?
As with all things, moderation is key – employers need to be looking at their offerings and their workforce demographic and work out whether they are providing the best for them, and, if not, how they could do better lest they also suffer the effects of the “Great Resignation”.
So why now?
It has been said that the Covid pandemic has put a spotlight on many issues involving work – people have had the opportunity to work from home, allowing greater flexibility which is one of the major reasons for switching jobs in some industries.
In addition, more consideration has been placed on a better work-life balance, prompting more to think carefully about their working habits and the benefits that come with them.
What can employers do?
Employers may find it beneficial to conduct an in-depth review of their work place benefits, ensuring they offer the best they can to attract and retain talent.
If you would like advice on employment policies and associate benefits in relation to recruitment and retention or wider issues of employment law, please contact either Nick Smith or Laura Liddle of the Mincoffs’ employment team.