New research shows the surge in employees looking to find a new job is showing no signs of stopping with two in three looking to move jobs within the next couple of months.
According to new research by Randstad UK, almost seven in every 10 employees (69 per cent) say they feel confident to move to a new job in the next couple of months.
In addition, employee confidence regarding finding a new job remains high with only one in six (16 per cent) feeling worried about this.
Industries where workers feel particularly confident about moving include construction, tech and logistics, especially as workers to fill roles in these sectors are currently in high demand.
Professionals which were less comfortable about the prospect of moving included HR, legal, and accountancy.
Victoria Short, CEO at Randstad UK, explained the factors which may have contributed to the Great Resignation:
The Great Resignation is here and job loyalty is a thing of the past.
The pandemic has changed how some people think about life, work, and what they want out of both. It’s made people step back and rethink their lives. Covid has reminded them that life is too short – and the number of vacancies means that not only do they want to change one of the key aspects of their life – their jobs – they can.
The most important factor however, is that ties to firms have become weaker. Working from home means you are no longer sitting next to a friend or that you have a particularly good commute. Suddenly those factors, which are surprisingly powerful, are negated; working from home makes it matter less who you work for. Combined, that is making the UK jobs market more fluid than ever.
However, the study warns that this will have financial implications for firms due to the lost output a company experiences during the period of time the new worker is getting up to speed.
According to research carried out by Oxford Economics, a new professional worker takes 28 weeks to reach optimum productivity – which has an attached cost of £25,200 per employee.
As such, Randstad has advised employers and HR leaders looking to combat a mass exodus and retain their top talent to start by reexamining their remuneration levels.
Adrian Smith, Senior director of operations at Randstad UK, stated:
It might be a new world of work but employees say that when it comes to job loyalty, the factor that is most important for keeping them at their current job is money. So make sure you are still paying as much as your peers. Secondly, tailor your employer brand proposition to your audience.
Victoria Short concluded:
The Great Resignation is going to be tricky for those industries that can move workers around. It is going to be very difficult indeed for industries where employees are trying to get out altogether.
Employers can help retain staff by making sure that they feel valued by their manager, that they foster a sense of belonging and ensure people have a sense of advancement within the organisation.
Research demonstrates that employees value these much higher than employers realise. They should also reassure employees that they don’t want them back in the office five days a week, as employees are looking for two days a week at home. Lastly, firms must offer their staff a sense of newness – no one wants to go back to the old normal.
*To obtain these results, Randstad surveyed over 6,000 adult in the UK.