Polls from 2020 found the largest dip in workforce engagement in twenty years.
While employers pivoted to survival mode, workers have had time to reassess their values and rethink their approach to work. The result has been strained relations between workers and their employers, where nearly a third of the UK’s workforce report actively looking to change jobs post-pandemic. This confronts leaders with a challenge: in an increasingly uncertain economy, with an increasingly dissatisfied workforce, how will they ensure they have access to the talent they need and make the most of the talent they are able to hang onto?
A recent Indeed Flex whitepaper explores the key factors contributing to excess talent turnover; highlights pivotal areas leaders must focus on to engage and retain their workers; and looks at the all important future trends that will most impact employer-employee relations. Analysing a wide source of robust data, it becomes clear there is no single ‘reason’ workers become disillusioned or quit. Instead, there are a number of interrelated elements which, in combination, lead to disengagement and excessive turnover.
Below, we highlight four crucial factors that play an outsized role in employee turnover and disengagement.
1. Compensation
35% of employees are currently so dissatisfied with their salaries that they will leave their current employer soon if they’re employers don’t offer a raise. Compensation isn’t only about financial wellbeing, it’s also about status and recognition. Leaders should therefore look not just at individual’s compensation, but how that compensation compares to co-workers and others in similar jobs elsewhere.
2. Lack of recognition and opportunities
79% of people who quit their jobs cite “lack of appreciation” as their reason. Given the challenges 2020 faced workers with – and their resilience in dealing with it – recognition is an increasingly important subject for employers to address.
3. Disappointed expectations
42% of employees have considered leaving their current job because it doesn’t adequately make use of their skills. Many workers enter a role with clear expectations, only to have those expectations quickly disappointed by the reality of their role. This is a particular problem when recruiters or hiring managers have sold them on an inaccurate or misleading vision of the company culture.
4. Poor communication
60% of companies have no long-term strategy for internal communications in place. Fundamentally, employees need to feel they understand what is going on. While workers can’t be made aware of every C-Level consideration, a pervasive sense that things are being hidden or adequate information isn’t being shared quickly leads to disillusion.
Why engagement matters more than ever:
- Highly engaged workers are 87% less likely to switch organisations
- Highly engaged workforces perform 20% better than their competitors
- Highly engaged workplaces experience 41% lower absenteeism
