While the number of people resigning this year has fallen compared to 2022, experts predict ‘The Great Resignation 2.0’ is set for Q3 of 2023.
We know employee retention is on the mind of many businesses. But it’s important to recognise that there are several reasons why a worker might hand in their notice. Recent research we conducted found the top three causes of job dissatisfaction to be:
- Salary expectations not being met (52%)
- Minimal career growth (44%)
- A lack of flexible working (32%)
We look at how focusing on these three areas could boost employee engagement within your business.
Offer competitive salaries
Our Professional Services Salary Guide 2023 revealed that 77% of people are looking for a pay rise this year. Therefore, one key way to retain top talent is to ensure you are offering attractive earnings.
How do you do this?
Determine your median salary
Take your employee wages and place them on a scale (ascending or descending). Look at the people in the middle of your business (i.e., the median) and compare your findings to the data published by ONS to see whether you are above or below the UK median salary.
Monitor your local market and competition
If your workers feel competitors or another business nearby pays more, they may jump ship. Measure your median salary against other local companies and your competition to see how you compare. Ensure wages match or exceed what they’re offering to remain competitive.
Benchmark your salaries
It also pays off to examine salaries as a whole; this is especially important with the rise of remote working, as employees may not always be based near your business premises. Look at specific or in-demand roles across your industry and other sectors and specialisms to get a fuller picture of what compensation certain professionals might expect.