I hate having to say this – but it is unlikely many businesses are going to be spared the ongoing staff churn as the Great Resignation continues apace in 2022.  UK businesses are being warned to brace themselves for an exodus/poaching spree of talent in the first six months of 2022, according to new research from Robert Half, nearly a third (32%) of employees will search for a new role between January and June this year – equivalent to 9.4 million workers across the UK.

London (40%) and the Southeast of England (25%) are at the highest risk of losing their top talent in the first six months of the year, with employees in the Northeast least likely to consider making a move (12%).

The number of job vacancies in January to March 2022 rose to a new record of 1,288,000; an increase of 492,400 from the pre-coronavirus (COVID-19) pandemic level in January to March 2020; meaning many employers are already short staffed – and the competitive market means it will be difficult and expensive to replace outgoing team members – employer demand outstrips supply meaning it is a candidate who holds the best hand in the war for talent.   To exhasterbate the issue,  new research  has revealed that nearly two-fifths of workers are reporting “unmanageable” workloads because of staff shortages – thereby prompting even more leavers.  With this in mind, company leaders should do all they can to pull out the stops to retain existing valued staff.

According to Robert Half round two-fifths (42%) of workers seeking new employment are looking for a remuneration boost, but money is not the only factor to consider. Aside from pay increases, employers may be able to retain staff by focusing on career opportunities and benefits, which are triggers for 25% and 21% of jobseekers respectively.

Following the rise of hybrid working throughout the pandemic, 24% of those looking for a new role are seeking more flexibility in their working arrangements on a permanent basis (24%). Across all employees, three-quarters (76%) agree that access to flexible working and hours is essential if employers want to be able to both retain and attract talent.

The pandemic is also said to have given 23% of job-seekers time to re-evaluate priorities, with more than one in five (22%) saying they want to change career path or move into an entirely different field.  Perhaps a sign of the time that people simply feel burnt out by certain careers.

Robert Half’s 2022 Salary Guide revealed that 56% of businesses already expected recruitment to become more of challenge this year with the talent solutions consultancy urging employers to focus on retention.  They offer five tips for employers looking to retain their top talent which HR Optimisation firmly agrees with and echos our former suggestions in our article ‘Replacing Employees is expensive – 8 Tips to retain your top talent’ :

  • Be flexible on working conditions. Candidates know what they want from their work environment, and if they are determined to work from home, they will likely look for a new role to accommodate that benefit.
  • Offer a competitive salary and benefits package. In many cases, money talks and employers must ensure that their top talent receives a fair salary and benefits package compared to their industry peers. Doing so will allow businesses to keep roles filled, saving money and effort in the long run.
  • Offer clear career progression. When it comes to their career, employees are no longer willing to wait for promotions and pay increases and will move on in search of faster career progression.
  • Focus on mental health and wellbeing. Thanks to the pandemic and the associated growing levels of stress and burnout, people are now looking for additional support in the workplace.
  • Invest in Environmental, Social and Governance (ESG) initiatives. In today’s climate-conscious society, many UK workers want their employers to take more action on ESG and would be more willing to work for businesses with good credentials. In an increasingly socially-aware world, employees choose brands that match their own values, favouring companies that do good as opposed to those whose practices don’t benefit the environment, workforce, or their local communities.

If you would like help with your talent retention and talent engagement and/or wellbeing strategy please do get in touch at hello@HROptimisation.co.uk –  it’s what we love to do.

 

 

 

Hannah Powell