Earlier this month it was revealed that 4.5 million workers in the UK could be on the lookout for a new job this year. That number roughly works out as 1 in 7 of us, which could leave companies in seriously hot water.
With the number leaping up year on year, employers are surprisingly complacent about making any significant changes which might keep employees at their current desks, and in fact only a slim number are even finding out why it is their staff are leaving. With 4 in 5 companies failing to undertake exit interviews, it's business as usual; something which could be costing from 25%, to a whopping 250%, of annual salary, per exiting employee.
When asked, employees give a whole spectrum of reasons for their departure, ranging from personal development to personal lives. Listening and targeting these problems can be a much cheaper and much more efficient way of doing business.
Of the small number of employees who are asked why it is they're moving on to greener pastures, 43% report they didn't feel recognized at work, something which can be rectified with a few simple steps. Organising regular catch-ups and an open stream of communication can be effective, whilst here at Goodman Masson we publicise hard work through our internal communications, organize lunches for top performers and celebrate deals with champagne at the end of every month.
Simply asking what would improve our employees experience means we can tailor events and training for individuals, and yet only 12% of the wider UK workforce are regularly asked, with 47% never having been asked at all. It's clear that without this communication our employees are much less likely to be engaged at work, meaning that the likelihood for a significant turnover is much higher.
It could be this lack of communication that means that only 30% of us have employee engagement initiatives, something which has been proven to retain employees for a much longer tenure, not just through the benefits they bring, but the sense of community that is fostered throughout the workforce.
A survey conducted by Workforce found that 62% of employees with one to five work friends would reject a job offer, meaning that events such as meals out and team building trips are essential to keeping a good team together.
It's not all about fun and games however, as a high percentage of employees looking elsewhere are doing so due to the lack of career progression in their current role. Less than half of UK organisations run training and development programmes to support career growth, yet the days of simply putting in your time are over, with younger generations craving quick development and a jam-packed CV. If they can't find it in their current role, they'll look elsewhere.
Last year, Financial Services and Technology saw some of the highest turnover rates in the UK, at an average of 9.5% and 6.8% respectively. Hopefully this year we can target this by listening to those employees left.