Our recent bi-annual Salary Survey and Market Insights revealed that company culture, benefits and hybrid working were two key considerations for staff retention. We found interesting statistics indicating the biggest rises were at the junior end of the market, however we also looked at company culture and corporate social responsibility as drivers for attracting talent.
Why are staff handing in their resignation?
Following this, it has been interesting to read (The Global Recruiter) that new data from Cpl’s Talent Evolution Group, suggest employees care less about flexible working than generally thought. The survey, to 1,500 UK employees, indicates that in the UK employees are more than twice as likely to leave their job due to negative company culture or an unstable working environment than because of limitations with flexible working. It actually showed that over 80% of 25–44-year-olds would not put limitations to flexible working as the primary reason to move jobs.
The top reasons for employees to consider handing in their notice, in order of most likely, are:
- Ineffective line management
- Lack of recognition
- Negative company culture
- Poor job security
How can employers retain staff in the current market?
In the process of researching and analysing data collected for our Salary Survey and Market Insights, we found the focus for employers should be to prioritise an inclusive and rewarding company culture, where employee satisfaction and recognition are met. Competing employers can match salaries and bonus, but company culture and effective management and opportunity to develop and reach full potential, is unique. Organisations must meet the human and emotional needs of employees to attract and retain talent at a time where the talent shortage is a continuing hiring issue.
Barry Winkless, CSO of Cpl and Head of Cpl’s Future of Work Institute, comments, “In a world competing for the best talent, many businesses are ill-equipped to position themselves as an attractive, destination workplace that puts a human and holistic approach at the centre. The creation of a true destination workplace requires a constant focus on ensuring a fully diverse and inclusive environment which allows people to be themselves at work".
“By focusing on holistic needs – personal, emotional, and social – across diverse workforces, we can continuously improve the humanity of an organisation. Meeting these new expectations of employees will be fundamental to retaining precious talent.”