Vacancies across the board are increasing, along with optimism surrounding employment and the availability of opportunities. Great news, but what does it mean for employee retention?
According the Investors in People Employee Sentiment Poll, 57% of UK workers are considering looking for a new role in 2015. This amount seems alarmingly high, and is a 10% increase on last year’s poll.
32% of people asked believed that the job market had improved in the last 12 months. This could suggest that increased confidence has led to more employees believing they can find another role with more ease, hence the amount of people contemplating a move increasing.
Professional services was the highest sector experiencing staff with itchy feet, as 68% of people employed within it are considering leaving in 2015.
With less competition for roles and more competition for securing quality candidates, employee retention is more crucial than ever. So in order to retain employees, HR managers need to first understand why they losing, or on track to lose staff this year.
The poll revealed that the most popular reason for wanting to leave was poor management, closely followed by pay, not feeling valued and lack of career progression.
Interestingly enough, this poll is a strong indicator that offering a competitive salary is not the only way to keep staff happy. Research has shown that being acknowledged and recognised are even more pivotal to pay when it comes to morale and motivation.
Other than introducing regular pay reviews, what else can employers do to keep their valued staff on the books? Perhaps introducing reward schemes and incentives for staff needs to be prioritise by our nation’s top employers. Any important questions need to be addressed to ensure that staff are feeling valued. Are they receiving regular feedback? Are there rewards on offer for good performance? Is there enough support for employees in the workplace?
The ways in which staff are acknowledged and recognised will differ greatly depending on industry, type of role and much more. But the presence of these things is the most important factor.