Around 90% of UK employers are failing to retain their employees, according to a new study.
Job vacancies in the UK rose to a new record high of over 1.2 million in 2021, according to the latest ONS data. In fact, over a quarter of employees are seeking new employment opportunities. Many employed job-seekers are disengaged at work; and nearly a third feel they have stagnated in their current role, due to no opportunities for progression.
As a result, 90% of UK companies are failing to do enough to retain talent, confirmed the UK Employee Support and Retention Survey, conducted by virtual events and in-person team building company Wildgoose. The report also revealed three key benefits that companies can offer to improve staff retention.
KEYS TO RETAINING TALENT
The top three benefits to retain staff include better salaries, work-life balance and career progression opportunities, noted the report. When employees were asked what companies can do to improve staff retention, 60% said better salaries would help.
Another 53% said addressing work-life balance would encourage them to stay; and 49% wanted more opportunities for career progression. Around a third (33%) said they want more constructive and positive feedback from managers; and another 29% seek better managers, as well as regular one-to-one development. Around a quarter (26%) said they want managers to better address burnout and excessive stress at work.
ADDRESSING EMPLOYEE WELLBEING
Over recent months, it’s become increasingly clear that companies need to start doing more to increase employee retention. As many workers return to the office and in-person onboarding processes can begin once again, there has never been a better time to step up standards, noted the study.
“The first few months of an employee’s time at a workplace should be focused on guidance, training, direction and values,” commented Wildgoose Managing Director Jonny Edser. “Yet it’s not only work-related subjects that new employees should receive support for. Casual catch-ups and wellbeing check-ins can go a long way to help new staff feel welcomed and engaged with their role. At Wildgoose, we continue to offer both in-person and virtual team building experiences; helping companies to encourage colleague friendships and ensure everyone feels happy.”
Tracey Hudson, Executive Director at HR Dept agreed. “To encourage employee retention, line managers should be conducting regular one-to-one meetings —monthly or quarterly is fine,” she pointed out. “Questions should be asked around what they enjoy to determine which aspects of their employment they value; and what benefits are important to them. Directors should use this feedback to form future benefit strategies; and line managers should use this knowledge to help employees get to where they want to be in terms of their career plans. If employees can see there’s a path for them, then they’ll be more committed.”
The full study findings can be found by clicking here.
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