The latest CIPD Employee Outlook Survey reports two significant findings that, if not addressed, are very likely to lead to a spike in staff turnover:
1. In the private sector 1 in 5 employees fear that they will loose their jobs (in the public sector it’s as high as1 in 3). Given that 29 million people are currently in employment, this means that many millions of employees are insecure in their jobs and subject to de-motivation and distraction.
2. Alongside this, the report indicates that employees are feeling the pinch financially as pay increases and promotions are withheld.
Connsequently many feel that the only way to move on is to move to a new employer.
With many employers starting to come out of recession the job market could become more buoyant than it’s been for some years. Forward thinking companies are searching for talented people and if your best people suspect their job is at risk there’s a good chance they’ll make the leap.
Ben Willmott, CIPD senior public policy adviser, said: “If organisations don’t invest in developing high performing managers, they may find better managed competitors racing past on the road to recovery. Employers need to find cost-effective ways of equipping their line managers with the people management skills to support employee engagement and well-being.”
Simple acts such as team building whether that be after work in the pub, or off site with specialist facilitators are vital as they demonstrate the employer’s commitment to its staff and provide an opportunity for concerns to be raised and rumours quashed.
Willmott goes on to say, “Many leading organisations in both the public and private sectors are already prioritising improving people management capability and employee engagement as they recognise this is central to gaining competitive advantage.”
We’ve been living through an uncertain time when employees have been more willing to accept tougher conditions. Those times are passing and now’s the time to start recognising and rewarding those staff that have stood by you.