Are your employees looking to leave?
After passing the milestone of a year in lockdown, more than half (59%) of employees have admitted that they will now start looking for a new job if their work values aren’t accommodated, according to new research from MetLife UK.
The third chapter of MetLife’s Re:Me report also found that well over half (54%) are considering leaving their current role in the next 18 months.
While pay continues to be ranked most important (65%) – a factor that pre-dates Covid-19 –employee’s values, priorities and basic needs have evolved. Employers are required to take a much more hands on approach to support employees’ wellbeing.
Second to higher pay was job security for almost two in three (62%) employees. The financial implications of the pandemic have left millions of people in an uncertain and unenviable financial position, particularly in hard hit sectors such as hospitality and retail. Job security, while a basic need, understandably remains essential as we look ahead to the economic recovery.
While pay and job security may be harder to control in the current environment, taking smaller steps to address employee’s mental or physical needs can boost productivity, increase morale and create a more open working environment. The study found that nearly two in five (39%) employees admitted that they would remain with their current employer if their boss demonstrated more care for their mental wellbeing.
As businesses look to transition back to the office, it’s crucial that employers speak frankly to their employees about what they are now looking for from their job in order to encourage them to stay. People’s priorities have shifted dramatically in the past year which provides a clear opportunity for businesses to re-shape the office environment and the benefits packages they offer. Taking the time now to redress current issues and adapt accordingly will quash the need for employees to start the job search.
Adrian Matthews, EB Director at MetLife UK, comments: It’s clear that employees’ values and priorities both personally and professionally have changed as a result of the pandemic. A chance to reflect and step back, 2021 has the possibility to be the year that businesses re-shape the world of work. Everyday it seems another business is setting out their plan to head back to the office or introduce a new hybrid working model but talking isn’t enough anymore.
“Employees who feel that their needs are not being met are showing that they are not afraid to look elsewhere for the support they need from an employer, striking a better work life balance for them and their families. While a certain amount of change after such a lifechanging year is inevitable employers can’t afford their best talent to walk away, especially in cases where they could have done something to stop it. Pay and job security will naturally remain the main motivators, but demonstrating care for an employee’s physical, mental and emotional wellbeing will play an important part in guaranteeing an employee’s loyalty for the long term.”