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Tuesday, 12 January 2016

Are you going to lose a third of your workforce this year?

People Walking Out

The beginning of a New Year is a natural point for people to start thinking about their future job prospects – but not usually quite as many of them as this year. Research this week from the Institute of Leadership and Management suggests that in 2016, one third of UK employees plan to change jobs.

What would happen to your business if a third of your workforce left in 2016? – think about the time and costs of recruiting to replace them and training the new people up, as well as the impact on business continuity.

Although you might be quietly relieved if one or two people decided to go, it’s sensible to do everything you can to hold on to the best people in your business and head off the chances of them getting itchy feet. A good starting point is to take a look at the reasons that the one in three people gave for wanting to move on.

According to the ILM research, lack of progression and opportunity is the number one reason, with just over a quarter of saying it’s why they want to move on. On the other hand financial reward is less important, with only 15% of people wanting to move for a better salary. It appears that it’s the opportunity to progress and not the desire for a bigger pay packet that’s the main motivation in looking for a new job.

These are the top five reasons why UK workers are looking for a new job right now according to the research:
1. Better opportunities for progression (26%)
2. More appreciation (17%)
3. To change careers (17%)
4. Better salary (15%)
5. More enjoyment (12%)

If you want to keep the people you’ve got, it will help if you can figure out, honestly, how far your organisation is delivering in these top five areas and improve. You don’t have to be the best, just good enough – after all, you’re balancing the realities of your business world and working with the resources that you have available. But maybe there are opportunities that you aren’t taking?

For example: 

  • Thinking more creatively and pro-actively about the progression opportunities you can offer such as extra responsibilities, developing skills, project work, secondments and job shadowing. Where promotions aren’t feasible, look for sideways moves that vary experience and make the work more interesting.
  • Taking advantage of the positives and expressing appreciation when people do good work, recognising achievements.
  • Creating an upbeat atmosphere at work so that people are more likely to enjoy it!

For practical advice about improving retention in your company, saving you a lot of time, money and hassle, contact The Human Resource on enquiries@thehr.co.uk or phone 07884 475303. We’ll be pleased to help.