The cost-of-living crisis is beginning to have a significant effect on the job market. According to data from HireVue, over half of UK employees would consider leaving a low-paying job for a pay rise and around 20% of employees are planning to leave their current job within the next six months. With only a quarter of companies willing to increase pay, workers are having to look elsewhere for new jobs to offset financial troubles. However, poor pay is not the only factor which is influencing workers to leave their jobs.
According to Bupa UK, there are 5 workplace factors which are harming employee retention.
• Lack of career development opportunities:
In the last 12 months, there has been a 200% increase in Google searches for ‘work progression’. Lack of progression can hinder employee satisfaction and thus retention. Employers should seek to develop their team’s strengths and encourage them to reach their goals.
• Poor recognition:
In the past year, Google searches for ‘rewards in the workplace’ have increased by 67%. Recognition acts as an acknowledgement of an employee’s work and can encourage motivation at work. A reward does not have to be financial; it can just be a thank you or sharing the news of achievements with your team.
• Limited access to wellbeing services:
There has been a 50% rise in Google searches for this in the past year. One way that employers can provide this is by promoting access to mental health services or promoting work-life balance.
• Negative workplace culture:
Since April 2021, Google searches for ‘workplace culture’ have increased by 30%. A workplace culture can significantly impact employee engagement and if it is negative, it can lead to higher staff turnover.
Micromanagement occurs when a member of management closely monitors employees and limits the level of autonomy that employees experience. Since last year, there has been a 40% rise in Google searches for ‘micromanagement at work’.
The UK labour market has experienced a massive shift over the last few years, with the effects of Brexit and the Covid-19 Pandemic beginning to change the landscape. It is essential that employers have a compelling employment offering to stand out to potential candidates otherwise they will get left behind.