Your people are leaving. And this isn’t new news to you.
People have been leaving their jobs at record levels, dubbing 2021 the year of the ‘Great Resignation’. With better opportunities and pay being the top reasons for UK workers leaving, job seekers began driving the narrative. But as we reach the latter half of 2022 (how time flies), are we still experiencing a candidates’ market? And is the grass really greener on the other side?
The Great Regret
All good things come to an end at some point – it’s expected. It’s why we’re not surprised that The Great Resignation 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, well, all it made itself out to be. And that happens! With almost half of these workers saying they would try to get their old job back – is The Great Resignation really coming to an end? It’s true that we’re now hitting hard times. With inflation up to 9.4% causing the ongoing cost-of-living crisis, inevitably priorities shift and, for some, stability is the best option at the moment. And who can blame them? So, maybe the grass wasn’t greener on the other side. But that doesn’t mean people will stop leaving in search of better opportunities. In fact, recent job changers have salaries on average 7% higher than those who haven’t made a jump. And it’s not just about the money! People have been leaving for career progression opportunities, more flexibility (WFH is still a favourite), or to reskill and upskill. The truth is – your best people are always going to end up looking for better opportunities. It’s how we grow! But you don’t want your best people to go, so, what can you do?
Your people want to grow. Career progression is all the rage and people are eager to progress. So, how do you grow? You learn!! Our research discovered that 43% of people want more learning. However, 33% of people are not getting the training they need to progress in their careers. So, what’s the solution? Provide your people with outstanding learning for outstanding careers… before someone else does! Learning for career progression has never been easier. With a Learning Management System (LMS), 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 LMS’ as a competitive advantage. Sounds tempting, right? Find out more here.
There’s always fear surrounding feedback, on both sides! But feedback is one of the most important processes in forming a successful career. Your people need feedback to solidify their strengths (hello imposter syndrome) and understand where they have room for growth so goals can be created. You, as an employer, need their feedback to understand what you could be doing to make your people successful – the key to retention! Surprisingly, 43% of learners felt their performance reviews are less frequent and effective than they used to be. So, how can you get ahead of the game and retain your people? Encourage a feedback culture! Performance reviews can get missed, especially after the pandemic, because there’s a perception that they take an age to complete. But, 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. Whether it’s The Great Resignation, The Great Regret, or whatever we’re in for next, nothing is certain. Your people may stay, or they may leave. But when better opportunities arise, it’s easier to think that the grass is always greener on the other side. Show your people you care and invest in their progression. Prove the grass is greener on this side and promote long-term employee relationships. Interested in providing a strong, engaging L&D plan to retain your people? Speak to an expert today.