According to a report published by YuLife, the tech-driven insurance company on a mission to inspire life, a majority of workers in the US and the UK (55%) are either starting a new job or are looking for one. A further 35% of working adults say it is likely they will consider changing jobs within the next year.
These findings suggest that the Great Resignation may be far from over in 2023, and are a wake-up call for businesses seeking to cut back on the costly and disruptive process of hiring and training new employees. The report finds that high levels of stress characterize the modern workplace, and businesses which proactively address employees’ concerns around stress and invest in their wellbeing benefit from reduced churn and turnover.
“The world is experiencing the Great Attrition where employers today are under pressure to attract and retain talent. Employers today need to demonstrate their ability to respond to employees’ concerns,” said Sammy Rubin, CEO and Founder, YuLife. “This survey highlights how employers have to adapt their management practices to not only include employee needs but also desires. Companies which focus on building a supportive working culture that proactively looks after their staff’s mental, physical and financial wellbeing stand to reap rewards. An engaged workforce is a critical factor towards ensuring employees feel that they matter, and that is vital if you want to attain talent.”
As a new generation enters the workforce, younger employees increasingly prioritize finding career opportunities that cater to their needs, so they can pay off personal loans and pay the bills. 74% of working 18 to 24-year-olds in the UK and 79% in the US say they’ve either started a new job or have been looking for a new job over the past year. The same goes for 25- to 34-year-olds, with 64% in the UK and 66% in the US doing so. In contrast, amongst those aged 55+ and above, 64% (UK) and 77% (US) are not considering looking for a new job.
AVOIDING THE RECRUITMENT CAROUSEL
Employers today are looking to retain top talent and avoid endlessly hiring new people. An important need is being able to foster a culture of care and offer flexible benefits. When it comes to attracting new talent, 55% say having flexible working conditions is an important factor when choosing an employer. 64% also say that the benefits made available to employees such as holiday allowance or health benefits are an important factor.
The impact of high turnover goes beyond the increased recruitment costs and extra work for already-pressed HR professionals. It also affects the people left behind, and the organisation. 84% of working adults agree that high employee turnover can have a negative impact on productivity and morale at work. In addition to this, 81% of working adults find their job is either stressful or slightly stressful; while only 17% don’t find it stressful at all. In stressful times, it’s more important than ever to focus on employees’ needs in the workplace and beyond to retain talent and cultivate a supportive community that decreases stress levels.
The report is based on the results of two surveys conducted in the UK and US in conjunction with YouGov and one with HR Ninjas. An e-book containing the survey results can be viewed here.
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