2021 was dubbed the year of the “Great Resignation”, with redundancies in the UK at their lowest level since the mid-’90s, and open vacancies at their highest on record. The world experienced a ‘candidates’ market’, where job seekers drove the narrative and demanded more from salaries, benefits, and the workplace.
But as we near the end of 2022, what is the situation? Are people still leaving in their droves, or are people staying put?
Is there more reason to stay?
Last month, we spoke about the decline of The Great Resignation, with leavers realising that it may not be so great after all. Amongst the people who left for a better opportunity, 72% experienced either ‘surprise or regret’ that their new job or company isn’t all it made itself out to be, with almost half of these workers saying they would try to get their old job back.
We’ve headed into difficult times. Dealing with the ongoing cost-of-living crisis, people need stability in their lives, and frankly, a consistent pay slip may just be what your people need. With tough times ahead, as well as the realisation that the grass isn’t always greener on the other side, are we starting to see “The Great Resignation” pass, with the number of leavers stabilising?
People want career progression
Yes, people aren’t leaving in the insane numbers they were at the beginning of this year. However, people will always be open to better opportunities. Our Learner Survey Report discovered that 40% of people would look to leave over the course of the year, citing reasons such as better pay, career opportunities, and upskilling. Your people want to learn, and they want career progression. And who can blame them? Over the past few years, we’ve endured a huge amount of uncertainty, and people don’t want to be stagnant – they want to achieve their goals, and if moving jobs is the answer, what’s really holding them back? In fact, 91% of millennial professionals think career progression is a top priority, but unfortunately, 53% are also disappointed by the lack of personal development training available.
It’s never been easier to access jobs that will further people on their career ladder. From remote interviews to remote working, your people are needing to make fewer (geographical) sacrifices to move on up.
You want to keep your best because that’s what makes your organisation what it is, and it’s never easy letting go. So, how can you mitigate the risk of losing your people?
Provide growth opportunities
We’ve said it many times before, and we’ll say it again. Your people want to learn!
Learning provides so many opportunities because it’s how we grow, develop, and achieve career goals. Unfortunately, 33% of people are not getting the training they need to progress in their careers. If your people are telling you they want to learn and progress, and you’re not providing, they’re likely to move on elsewhere.
Don’t lose out on your best people. Invest in a Learning Management System (LMS) that will provide your people with the outstanding learning they desire for their successful careers. With an LMS, learning for career progression has never been easier. Your people will have access to eLearning, as and when they need it. You can even continuously track progress all in the same place. And don’t forget, 72% of global organisations see an LMS as a competitive advantage. Sounds tempting, right? Find out more here.
Reviews = retention
Love or hate them; performance reviews are a key component to developing a successful career. Your people need frequent feedback, not only to solidify their strengths and identify weaknesses but to aid their understanding of what paths are available to them. These are the discussions in which goals can be created, and plans formed for your people to achieve great things. And performance reviews aren’t just for your people, but for you as the employer too! You need to understand what it is you can be doing to support your people on their journeys, and how you can help them to be successful. It’s the key to retention! The happier your people are, and the more satisfied they are within their roles, the greater the relationship they’ll have with you and the organisation.
Although incredibly beneficial, surprisingly 43% of learners felt their performance reviews are less frequent and effective than they used to be. Your people’s success is determined by what you as an employer can provide to aid their growth; otherwise, your people will find themselves moving on. So, how can you support your people to achieve their career goals?
Encourage performance reviews! With performance management software, reviews have never been easier. Perform enables you to continuously monitor performance throughout the year, provide feedback, and goal tracking, and create flexible reviews.
We may be over The Great Resignation, but your people will never be over their development and growth. To gain long-term commitment, your people need your support and investment in their careers. Interested in providing a strong, engaging L&D plan to retain your people? Speak to an expert today.
Written by Claire Moloney Claire is an enthusiastic and meticulous content writer whose passion is to support growth and continual learning for everyone.
