The latest research from the Chartered Institute of Personnel and Development (CIPD) has revealed that a fifth of the working population could resign in the next year.
The latest data is part of an ongoing trend around the globe, commonly referred to as the ‘Great Resignation’.
Already, hundreds of thousands of employees have quit their jobs to pursue new career interests or in search of better pay or more flexible work conditions.
The current cost-of-living crunch is only exacerbating this issue, as employees struggling to secure sufficient pay rises look towards new employment with a better salary and benefits.
The CIPD’s Good Work Index polled more than 6,000 workers and found that 20 per cent aimed to quit their job in the next 12 months – up from 16 per cent in 2021.
If this figure were extrapolated throughout the UK’s working population it could mean that 6.5 million people may change roles in the next year.
The top reasons cited for leaving a post were:
The survey also found that almost two in five lower earners – paid £20,000 a year or less – felt their job provided the opportunity to gain new skills, and only 25 per cent felt they had good career advancement prospects.
How can employers help to retain staff?
Like their employees, many businesses are already experiencing a cost-of-living crisis and offering better pay and benefits may not be feasible given current economic conditions.
However, did you know the overall estimated expense per hire in the UK for each vacancy, depending on seniority and skill, is between £7,275 to £22,515, according to recruitment specialists Test Candidates.
With this cost in mind, how can employers help to retain staff for longer:
These are only a few of the steps that employers can consider and if your firm is experiencing a higher-than-normal turnover of staff, it may be best to speak to our Employment Law team today.