Your people are still leaving – how can you change this?
40% of people are looking to move jobs in the next 12 months.
A crazy number, but it may not come as such a surprise. 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.
Now experiencing a ‘candidates’ market’, job seekers are driving the narrative and demanding more from salaries, benefits, and the workplace.
So, how did we end up here?
The pandemic changed everything
It’s true. If we look back two years, the way we work has dramatically changed. From remote working and hybrid models to flexible hours and Teams meetings, the pandemic forced everybody to adapt to new ways of working. And it wasn’t all bad (once we figured out where the unmute button was)!
But while we all had a bit more time on our hands, people started reflecting on their current work situation, and where they would like their career to progress. In fact, 74% of people said the pandemic has made them consider their job or career choices. And if they didn’t in lockdowns 1 and 2, as many were forced to return to the office, workplace envy set in and prompted individuals to prioritise flexibility and fulfilment.
In last year’s Learner Survey report, the people looking to leave their jobs were seeking more flexibility and work-life balance. And we can still see this, with a whopping 48% looking to leave for better pay and benefits this year. Your people are now deciding what they want out of their job and career, and frankly, are not afraid to leave if you’re not providing.
And with 81% of executives changing their workplace policies to offer greater flexibility to their workforce, now is the time to support your people, before someone else does. It’s always sad to see people leave, and it can have dramatic effects on team dynamics.
Besides, the average cost of turnover per team member is £30,614. All that recruitment, onboarding, and training… retaining your current team seems appealing now, doesn’t it?
So, how are you going to retain your talent?
Listen to them!
Ask what your people need to thrive in their role and stay happy as long-term employees.
If they want flexible hours or hybrid working, what’s holding you back?
Hybrid working and flexible hours provide more freedom and autonomy, improving the overall well-being of your people. And happier, well-balanced people are more likely to be productive and excel in their roles.
Still not sure a change will work for your teams? We have some great courses to engage and prep your people for any work environment.
Learning is key to success
Your people want to learn, now more than ever. Whether it’s due to the downtime experienced in the pandemic, people’s movement forcing others to reflect on their career paths, or because of the influx of Gen Z into the job market (who see learning as key to a successful career), your people are begging for L&D.
This year, we saw that of the 40% of people wanting to leave their jobs, 19% cite reskilling, upskilling, and L&D opportunities as their reason. And in fact, 43% of people are wanting more learning generally, and 33% of people state they’re not getting the training they need to progress in their careers.
Struggling to retain your people? The answer is L&D!
L&D has become more influential over the past two years; after all, it did support us all to adapt when the normal workplace was disrupted by sudden lockdowns. 72% of professionals agree that L&D has become a more strategic function in their organisation. This shows that L&D is no longer a ‘nice-to-have’ extra, but in fact, it is extremely relevant in supporting organisations to thrive.
LinkedIn now rates ‘opportunities to learn and grow’ as the number one driver of great work culture (that’s up from number 9 in 2019!). And this is unsurprising: by providing opportunities for your people to learn and achieve career progression goals, you are creating a great sense of belonging and satisfaction for them.
As we know, happy people = long-term employees: 76% said that they would stay on in their current organisation if they were given more L&D opportunities!
And providing those learning opportunities doesn’t need to be difficult. With a simple Learning Management System (LMS), your people can access everything they need to support their upskilling and reskilling goals.
Support your people, invest in their learning, and they will give you loyalty and retention in return.
Will next year be any different?
As we’ve learned these past few years, businesses need to expect the unexpected. Who knows what the job market will look like 12 months down the line? But this wave of L&D demand shows no signs of abating. If your people are important to you, show them. Empower your people, invest in their needs, and watch them thrive.
Want to find out how to improve your L&D strategy to help engage and retain your people? Download the Learner Survey Report today.