One in three UK workers would leave their employer for a new job if they could, finds PwC research
Workers ambitions to find new roles could be good news in terms of creating movement and opportunities in a rather stagnant labour market and within companies
41% have no plans to leave as a consequence of this loyalty while just 23% said they would consider leaving regardless
Organisations must resolve to meet their employees expectations and needs or risk losing them to a competitor when the job market picks up
A third of UK employees (33%) say they have not felt valued by their employer during the recession and would leave for another job if they could, found a poll of around 950 workers commissioned by PricewaterhouseCoopers LLP (PwC). Of those respondents who said their employer had shown appreciation for them in the downturn, 41% said they had no plans to leave as a consequence of this loyalty while just 23% said they would consider leaving regardless. Only 7% of respondents said they did not understand how their role fits within the big picture of the organisation they work for so lack of engagement seems more strongly linked to feeling appreciated than a lack of belonging. It is resolution season and as a new decade of work begins and employees set about making career decisions, organisations must resolve to meet their employees expectations and needs or risk losing them to a competitor when the job market picks up, according to PwC.Michael Rendell, partner and leader, human resource services, PricewaterhouseCoopers LLP, commented:
"Workers ambitions to find new roles could be good news in terms of creating movement and opportunities in a rather stagnant labour market and within companies - organisations will need to strike a balance between enjoying the reduction in employment costs that attrition can bring with the need to avoid overstretching existing staff. New Year is clearly a popular time for people to make important decisions. Rather than losing their best people as individuals resolve to make changes to further their careers, organisations need to articulate the internal options available to top performers and remind workers why they chose to work for their employer in the first place be that a competitive salary, interesting work or operating with values that match their own.Some big employer brands fell down at the end of the noughties and the impact long-term of people decisions taken during the downturn is now being felt. The ways people are recruited, rewarded, retained, incentivised, trained and retired over the next few years will determine the employers of choice for the new decade and beyond.
For those workers undecided about what the future of work holds for them, PwC has launched a short online quiz Where will you be in 2020? - designed to determine which world of work they are best suited to: www.pwc.com/managingpeople2020Recent research from PwC also found that more employees would value a free MP3 player, digital camera or similar technology gift (80%) from their boss than would appreciate being fast-tracked for promotion (67%). Cash bonuses, gift vouchers and extra annual leave scored highest - with 90%, 89% and 89% of respondents respectively saying they would value these. Extra time off to do charity work was the least favoured non-work reward with just under half valuing this option (49%). While being fast-tracked for promotion scored below many of the options given, an encouraging two-thirds (67%) of workers would still appreciate this. Additionally, more than one in three (37%) would value a promotion without a pay rise, also known as a no-motion. And, at the end of a tough year, the majority of workers would still appreciate a work-sponsored drink or lunch with their colleagues (62%). Jon Terry, partner and head of reward, PricewaterhouseCoopers LLP, commented:
The way UK businesses allocate the millions of pounds they spend on rewarding their employees is largely discretionary and, while not everyone would opt for a MP3 player over getting closer to promotion, the employers that get the best value from their spend are those that align reward with individuals wants and needs and the behaviours they want to encourage. With bonus pools shrinking and many workers wages frozen, employers need to find lower-cost, tailored ways of showing their staff that good performance is always appreciated. One-off gifts in reward for particularly successful projects work very well if a pay rise is not an option, particularly if employers are flexible in terms of what they offer the recipients. Rewarding employees in the right way requires careful workforce segmentation and quality management information, as a big part of this relies on knowing exactly who does what role and who the top performers are. Many workers are showing admirable focus on the long-term in their willingness to accept more responsibilities without a pay rise and while covering their work may be challenging, giving employees time to gain different experiences and access to internal training is mutually beneficial and clearly valued by workers.