UK businesses are facing increasing staff turnover, according to new research by Robert Half UK. In fact, one in seven (14%), or roughly 4.5 million employees2, are likely to seek a new job, highlighting the opportunities available to candidates and the increasing war for talent amongst UK businesses.
Employers have registered this shift with almost three in five (61%) reporting an increase in voluntary employee turnover in the last three years. The research also showed that over half (51%) expect employee turnover to increase in the next three years.
Yet many businesses still fail to employ basic retention initiatives. Only half (47%) of organisations run training and development programmes to help build employees’ skills and support career development, while most don’t have any programmes in place to support employee wellbeing or reward performance. Organisations are also missing out on valuable insight from their departing employees, with more than four in five (83%) failing to undertake exit interviews.
Employee retention initiatives*
% of UK businesses
Training and professional development programmes
Employee wellness programmes
Employee appreciation initiatives
Regular performance reviews/feedback
Regular salary reviews
Flexible and/or remote working opportunities
Clear communication of company purpose/goals
Employee engagement initiatives
*Multiple responses permitted.
“Employee turnover has significant consequences on workplace productivity and growth,” said Matt Weston, Managing Director at Robert Half UK. “This means retention strategies are now business critical. With a hyper competitive job market, organisations must put staff first by constantly considering workplace happiness and well-being.”
"Employees are a company’s most important resource, regardless of its size or sector. Failing to keep them happy and motivated has a direct impact on retention and business performance. Businesses need to develop a strategy that incorporates staff wellbeing initiatives alongside career pathing whilst creating a positive company culture and clear sense of purpose."