Dissatisfied employees across the UK are actively looking for new job opportunities; with the upcoming increases in National Insurance contributions making it more difficult for employers to offer raises, recognition and rewards may just be the secret to employee retention.
A survey by Blackhawk Network (BHN) on 1,010 workers found that 70 percent respondents are “actively looking” for new job opportunities. The survey found that 84 percent of employees have experienced great shifts in their roles. Increased workloads without corresponding pay rises were reported by 16 percent, while 21 percent stated their companies had implemented layoffs. Overall, 87 percent of employees surveyed had concerns about their current employment situation, with pay and job security ranking as top issues.
Chris Ronald, Region Head, Incentives, Rewards & Benefits at BHN, said, “These findings highlight the urgent need for employers to adapt to the changing expectations of their workforce. Employers who fail to address these concerns risk losing talent, by focusing on flexible working practices, impactful rewards and recognition programmes, alongside meaningful voluntary benefits, companies can create a more engaged and loyal workforce.”
Factors Driving Employee Retention
Higher salaries remain the primary factor in employee retention, with 71 percent of respondents stating that increased pay would make them more loyal to their employer. Beyond salary, recognition plays a crucial role in engagement, as 47 percent of employees expressed a desire for more frequent rewards and acknowledgment of their efforts.
Additionally, 79 percent reported feeling valued when they received recognition, and 63 percent said they wanted to be recognised at least once a month. The impact of recognition extends even to those considering leaving their jobs. The research found that 40 percent of employees would reconsider resigning if they received a reward or recognition after handing in their notice.
Workplace flexibility is another key consideration for employees when evaluating their job satisfaction. The study found that 31 percent of workers would stay with their current employer if offered a four-day workweek. Additionally, 59 percent said they would be more inclined to work in a physical office if they received a pay increase.
When given a choice of seven benefit options, Gen X and Baby Boomers prioritised workplace flexibility, while Gen Z and Millennials ranked additional holiday entitlement as their most important benefit.
Ronald added, “Tangible rewards to celebrate specific achievements and successes play a part and complement an ‘always on’ employee benefits strategy.”
