Happy employees are always productive employees; and those are not satisfied or unhappy in their current positions, will often look towards the exit door. Employee retention has become a major talking point in recent years, and the disruption caused in 2020 has made it become an even bigger concern.
At Blu Digital, we always strive to ensure that candidates are given full support during the application process, and even after they’re placed, our consultants will check in with new hires to see how they are faring.
According to research from jobs board, TotalJobs, it was found that 89% of people in the UK are searching for a job. That in part is due major job losses as a result of Covid-19. However, more surprisingly, research also concluded that from those currently in a job, 84% of UK employees say they are seeking a new job.
A ‘fresh start’ was the reason for some respondents seeking a new role (36%), while location was a key factor for other respondents (52%).
There are various factors to why someone may want to leave their position; of course, it’s different if the job role is specified as temporary or contract.
Although money is often attributed to employees changing their roles, millennials seek jobs which are ‘meaningful and purpose-driven’. It is predicted that millennials will comprise 75% of the global workforce by 2025.
As stated earlier, location may be a key factor. As most people are now working from home, that is seen as an opportunity for some employees to find a new role and perhaps prepare for a ‘new’ way of working moving forward. As employees look to move on, companies are doing all they can to retain talent. They’re doing that by introducing incentives and rewarding employees for their hard work.
Employee wellbeing is and should be a top priority for many companies; and burnout is often a reason for employees wanting to seek a change. A lack of support and communication can often leave employees feeling isolated, especially when working remotely. We’ve spoken on the importance of workplace culture in recent blogs; and more people are considering it as a factor when making career choices. Being a ‘good fit’ for a company and colleagues is important, but also make sure the company is a good fit for you.
Just like there are reasons for an employee deciding to leave a company, there are also reasons why they decide to stay. Employee retention is very important for any company. It’s in both the company and the employees best interest to spend some time with each other. If a CV follows a pattern of short permanent roles, it could lead to businesses being reluctant to offer roles due to a lack of commitment. On the other hand, if a business has a record of poor employee retention then that could put someone off joining a business.
Some of the reasons employees stay with a company include:
Employees need to feel that their work is appreciated to feel valued in the workplace. A lack of recognition can lead to employees feeling unimportant; and therefore looking for a new job where they will feel appreciated.
Trust is an important part of any working relationship. Employees that trust the leader of the business they are working for, are likely to stay with the business for longer. On the flip side, if they don’t trust the leaders they are working for, they will be less passionate about the job.
If employees feel there is a meaning and value to what they do on a day-to-day basis, they’re likely to enjoy it more. They will stay longer if they feel satisfied with the work in which they are doing.
The team and culture around them also plays a huge part. When employees share a common understanding with their counterparts, then there is a feeling of achieving something special or working towards achieving a common goal; which leads to commitment.
Understanding the key to employee retention will help businesses identify what they’re doing correctly as well as things which they can change. Regular communication between both parties is key to building and achieving a long-lasting successful workforce.