Are You Prepared for an increase in staff turnover?

In the dynamic landscape of the job market, staying prepared for potential staff shifts is more crucial than ever. According to a recent survey by Randstad UK, a significant 27% of workers intend to switch jobs within the next six months. But what drives this decision, and how can you best prevent staff turnover?

Reasons for Job Changes

The survey reveals several key motivations for employees looking to switch roles:

• 41% are motivated by the desire to improve their work-life balance.
• 30% would move for a better offer than their current role.
• 24% are driven by a lack of career opportunities.
• 22% want to leave because of a lack of interest in their current job.
• 20% need more flexible work options.

What Are Job Seekers Looking For?

Understanding what job seekers prioritise can help employers attract new talent or retain existing employees. Here are the top five factors job seekers are looking for:

• 60% prioritise work-life balance.
• 58% seek an attractive salary and benefits.
• 53% value job security.
• 52% look for training opportunities.
• 50% want workplace equality.

The workforce’s significant interest in training, reskilling, and upskilling presents an excellent opportunity for employers to navigate this period of higher staff turnover.

Victoria Short, Chief Executive of Randstad UK, highlighted the implications of these findings: “The workforce is as mobile now as it was before the pandemic. With over a quarter of employees planning to switch jobs in the next six months, businesses must double down on their efforts to create engaging, supportive, and flexible places to work. That means hybrid and remote working options, competitive pay, and demonstrable opportunities for career advancement — those will all be critical to employers who don’t want to haemorrhage their talent in 2024.”

Discrimination and Career Progression

The survey also sheds light on discrimination and obstacles to career progression. It reveals that 57% of workers feel they lack sufficient opportunities to develop in their current roles. More concerning is that over half of workers who identify as minorities (53%) report facing career progression obstacles due to their identity, compared to 34% of non-minority workers.

Conclusion

The job market is continuously evolving, and staying prepared is essential. By understanding the motivations behind job changes and what job seekers value, both employees and employers can navigate this dynamic landscape more effectively. Whether you're looking to expand your team or retain top talent, focusing on work-life balance, competitive compensation, career growth opportunities, and inclusive work environments will be key in 2024.

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