If you’re not sure how to answer this question – or your answer is “it doesn’t” – then you don’t need me to tell you there’s a problem!
However, one thing to take comfort from is that retaining top talent is becoming more and more of a challenge. An article posted on HR Grapevine at the start of this year stated: “Recruiting and retaining employees has overtaken the cost-of-living crisis as the industry’s biggest obstacle for the coming year”.
Now that we’re over half-way through 2024, I can’t help but observe that staff retainment is proving to be an issue for many employers.
But… the ‘Great Resignation’ is over, isn’t it?
The ‘Great Resignation’ describes the sudden wave of people who left their jobs during the Covid-19 pandemic, which forced many people to re-assess their life and work choices.
During 2022, a record 4.5 million employees were leaving their jobs each month in the US, while in February of that year the CIPD reported that UK job moves were at “a record high and therefore evidence of a great resignation”.
While it’s tempting to assume those dark days are now over, a recent CNBC article commented on the fact that nearly 50% of employees are considering leaving their jobs in 2024.
“It was taking a toll on my mental health, so I decided to depart”.
There are many different reasons why employees decide to leave their jobs. However, a study conducted by the World Economic Forum found that for millennials and Generation Z employees in particular, mental health support is a priority.
The work we do at Beyond EAP shows us first-hand that the world of work is changing. Employees of all ages increasingly expect to share and be supported with challenging issues at work. Indeed, many feel that if they are not being treated appropriately by their employer, they will simply find a new one to work for.
We are also living in the age of social media, which means some employees may not choose to leave quietly.
You only need to type “quit my job” into TikTok to see a wealth of videos from disgruntled Generation Z employees freely sharing the reasons why they chose to leave their former employers behind!
From a PR point of view, this can be a total disaster for the firms involved. From a commercial – and a human – point of view, it shows that people are demanding greater support and respect at work.
Benchmarking your company’s benefits and work environment against its competitors can be an effective way of evaluating why employees may be leaving.
If you notice or hear that departing employees are setting up camp at a rival company, this could be an indication that they are leaving to enjoy greater benefits or a more supportive environment.
Remember that a good salary alone is not always the best indicator of whether people are happy at work, particularly in terms of younger employees who value flexibility, wellbeing, and work/life balance.
Beyond EAP provides specialist employee support for life’s toughest challenges.
Our training, coaching, and services are designed to complement a rounded approach to employee wellbeing, in that we are able to step in and offer targeted support with challenging situations as needed. These include grief, bereavement, difficult childbirth, and diagnosis of a terminal illness.