Surge in employee turnover suggest that the ‘Great Resignation’ is still with us

Over the past year, 55 percent of working adults have either started a new job or are looking for one, according to a report [registration] published by insurance firm YuLife. The poll  suggests that a further 35 percent of working adults say it is likely they will consider changing jobs within the next year.  The report claims that these findings suggest that the so-called Great Resignation may be far from over. The report also claims 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 prioritise finding career opportunities that cater to their needs, the report claims. Around 74 percent of working 18 to 24-year-olds in the UK and 79 percent 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 percent in the UK and 66 percent in the US doing so. In contrast, amongst those aged 55+ and above, 64 percent (UK) and 77 percent (US) are not considering looking for a new job.

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 percent say having flexible working conditions is an important factor when choosing an employer. 64 percent 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 percent of working adults agree that high employee turnover can have a negative impact on productivity and morale at work. In addition to this, 81 percent of working adults find their job is either stressful or slightly stressful; while only 17 percent 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.

Additional findings include:

• Persuasion is a no go: Almost half (49 percent) of working adults believe that if they were planning on leaving their current role, it is unlikely their current employer could persuade them to stay without offering a pay rise. Only 14 percent agree they would be very likely be persuaded.
• Preventing and managing stress: Only 16 percent of working adults agree that their employer is very active in preventing and managing stress. 23 percent say that their employer is willing to offer support but only if employees ask and 21 percent say their employer doesn’t help employees manage stress at all.
• Factors to leave work: When asked to select all the factors that would lead respondents to consider leaving their workplace, a majority (54 percent) of working adults said poor pay and 44 percent said poor management. A further 40 percent selected low job satisfaction.