31 percent had changed job in the last five years, suggesting that employers need to be focused on retaining staff.
Share schemes have been found to promote employee loyalty, with half (50%) of workers reporting that their attitude towards their employer would improve if they were enrolled in one.
New research from Equiniti Employee Services reveals that, of those employees, 46 percent said taking part in a share scheme would increase their interest in the business, while 32 percent said they would support future business growth and 30 percent would be more loyal.
Phil Ainsley, Managing Director of Employee Services at Equiniti, said:
“At a time when the country is moving tentatively back into growth, with many business leaders conscious of the scarcity of skilled labour as a major challenge to their growth and productivity, it is important to retain the best people and attract talent. It is now less likely that a decent salary or a company car is enough to encourage productivity and loyalty.”
The survey of over 1,000 UK employees found that 31 percent had changed job in the last five years, suggesting that employers need to be focused on retaining staff, particularly where they may face fiduciary constraints that hinder other forms of staff retention.
Full time workers were asked what would make them decide to stay in their current position or take a new job. A share option scheme (15%) came ahead of childcare options (12%), a commuter programme (10%), access to financial advice (7%) and charity or volunteer schemes (4%).
Interestingly, share schemes had the biggest influence among the younger workforce. 72 percent of 18-24-year-olds said they would change their attitude if they had a share scheme at work, and of that 72 percent:
- 58% reported that they would look for opportunities to grow the business;
- 56% would take a greater personal interest in how the business was run;
- 33% would take their career progression more seriously; and
- 25% would both be more loyal and prepared to work longer hours
Ainsley added:
“Our research suggests that employees are increasingly looking for a long-term financial plan and a sense of involvement in the business. Share schemes are currently under utilised across all industry sectors but they can have a hugely positive effect on the way employees view their employers and how involved they are with the company and its future. This can only be good for corporate growth and individuals alike.”
Steff joined the HRreview editorial team in November 2014. A former event coordinator and manager, Steff has spent several years working in online journalism. She is a graduate of Middlessex University with a BA in Television Production and will complete a Master's degree in Journalism from the University of Westminster in the summer of 2015.
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