How key are employee benefits in retaining and attracting talent?

The Great Resignation, as it’s been coined, is still reportedly underway. We take a look at why this is and also what motivates employees to stay where they are.

The Covid-19 pandemic forced a lot of change on society, personally and in the workplace. The Great Resignation was a term coined in the US during 2021 to describe the large numbers of employees leaving their jobs from the end of 2020 onwards following the best part of a year enduring life with the virus.

Following our report earlier this year, it seems that many employees are still leaving, or at least considering leaving, their current roles. There are many reasons as to why this is happening.

Employees may have had time to evaluate what matters to them and want to implement important lifestyle changes that includes addressing things like work-life balance. It may be simply that employees didn’t want to return to the office full-time or go back to their pre-2020 working life.  

How many employees are looking to move?

Recent data collected by PwC shows that almost one in five employees were very or extremely likely to switch to a new employer in the next year[1]. A further 16% said they were moderately likely to make the move.

This is an increase on figures released at the end of 2021 by Unum, which showed that 8% of employees remained in post but would like to resign[2].

Is the UK affected by the Great Resignation?

It certainly isn’t immune to it. PwC’s global survey found that UK workers were less likely to ask for a pay rise in the next 12 months compared to their global peers. This is despite the spiralling cost of living situation.

However, it also revealed that job satisfaction for those in the UK not in managerial positions is low. Only 19% said they were satisfied with their role. This is in comparison with 51% of those in leadership roles.

The survey also found that half of Gen Z (age 18 to 25) workers were less likely to feel satisfied with their role, compared to over 60% of those aged 58 and above.

These figures suggest we’re not at the end of the Great Resignation period just yet.

What drives employees to stay?

Today, it may take more than a healthy pay packet to ensure staff loyalty, although this is of course a factor. Employee benefits have an important role to play too.

1. Financial education

It’s been reported that staff are looking for more support in financial wellbeing with a strong interest in workplace savings schemes[2]. This is perhaps unsurprising given the current economic situation.

You can download our free Employer’s Guide to Financial Education here and find out more about how we can support your employees.

2. Health and wellbeing support

Employee wellbeing benefits are also becoming increasingly sought after. Data released earlier this year found that 42% of workers expect more support from their employers in this area with 22% of businesses stating that they have already invested more into their wellbeing strategies this year[2].

At the start of the year we reported on a poll that highlighted 91% of organisations are looking to take action and further their wellbeing support agendas this year, so we know that this, far from being a trend, is becoming an expected part of the employee-employer relationship. 

3. Corporate social responsibility (CSR) factors

With environmental issues and CSR increasingly under the spotlight, partly down to events like COP26 and activists like Greta Thunberg, employees are increasingly wanting to work for organisations that that are forces for good. Climate positive benefits may be a way for businesses to give back and support employees who want to do their bit for the planet.

4. Flexible working

Yes, we’re still talking about it. It seems it’s here to stay, at least for now. Flexible or hybrid working remains high on employees’ personal agendas, with 68% of those recently surveyed saying they want it to continue.

Of course things like company culture and recognition shouldn’t be overlooked and could also play a part in retaining and attracting staff.

Find out how our Employee Benefits products can support your financial education, employee wellbeing or climate positive strategies: get in touch today.

Brunsdon Financial is not responsible for the content of third-party web sites.

Source 1, Source 2

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How key are employee benefits in retaining and attracting talent?

The Great Resignation, as it’s been coined, is still reportedly underway. We take a look at why this is and also what motivates employees to stay where they are.

The Covid-19 pandemic forced a lot of change on society, personally and in the workplace. The Great Resignation was a term coined in the US during 2021 to describe the large numbers of employees leaving their jobs from the end of 2020 onwards following the best part of a year enduring life with the virus.

Following our report earlier this year, it seems that many employees are still leaving, or at least considering leaving, their current roles. There are many reasons as to why this is happening.

Employees may have had time to evaluate what matters to them and want to implement important lifestyle changes that includes addressing things like work-life balance. It may be simply that employees didn’t want to return to the office full-time or go back to their pre-2020 working life.  

How many employees are looking to move?

Recent data collected by PwC shows that almost one in five employees were very or extremely likely to switch to a new employer in the next year[1]. A further 16% said they were moderately likely to make the move.

This is an increase on figures released at the end of 2021 by Unum, which showed that 8% of employees remained in post but would like to resign[2].

Is the UK affected by the Great Resignation?

It certainly isn’t immune to it. PwC’s global survey found that UK workers were less likely to ask for a pay rise in the next 12 months compared to their global peers. This is despite the spiralling cost of living situation.

However, it also revealed that job satisfaction for those in the UK not in managerial positions is low. Only 19% said they were satisfied with their role. This is in comparison with 51% of those in leadership roles.

The survey also found that half of Gen Z (age 18 to 25) workers were less likely to feel satisfied with their role, compared to over 60% of those aged 58 and above.

These figures suggest we’re not at the end of the Great Resignation period just yet.

What drives employees to stay?

Today, it may take more than a healthy pay packet to ensure staff loyalty, although this is of course a factor. Employee benefits have an important role to play too.

1. Financial education

It’s been reported that staff are looking for more support in financial wellbeing with a strong interest in workplace savings schemes[2]. This is perhaps unsurprising given the current economic situation.

You can download our free Employer’s Guide to Financial Education here and find out more about how we can support your employees.

2. Health and wellbeing support

Employee wellbeing benefits are also becoming increasingly sought after. Data released earlier this year found that 42% of workers expect more support from their employers in this area with 22% of businesses stating that they have already invested more into their wellbeing strategies this year[2].

At the start of the year we reported on a poll that highlighted 91% of organisations are looking to take action and further their wellbeing support agendas this year, so we know that this, far from being a trend, is becoming an expected part of the employee-employer relationship. 

3. Corporate social responsibility (CSR) factors

With environmental issues and CSR increasingly under the spotlight, partly down to events like COP26 and activists like Greta Thunberg, employees are increasingly wanting to work for organisations that that are forces for good. Climate positive benefits may be a way for businesses to give back and support employees who want to do their bit for the planet.

4. Flexible working

Yes, we’re still talking about it. It seems it’s here to stay, at least for now. Flexible or hybrid working remains high on employees’ personal agendas, with 68% of those recently surveyed saying they want it to continue.

Of course things like company culture and recognition shouldn’t be overlooked and could also play a part in retaining and attracting staff.

Find out how our Employee Benefits products can support your financial education, employee wellbeing or climate positive strategies: get in touch today.

Brunsdon Financial is not responsible for the content of third-party web sites.

Source 1, Source 2