Businesses are forecast to face economic challenges until at least midway through the year when experts predict, things will gradually begin to recover. However, Q4 2023 is expected to present a unique proposition of its own - The Great Resignation 2.0.
It’s the ripple effect from the phenomenon that took place amid and after the pandemic when millions of workers changed jobs, or even stopped working altogether, with the Office for National Statistics reporting 565,000 have become ‘economically inactive’. This is through either retirement or long-term sickness.
It’s predicted that up to one-fifth of the UK, workforce will look for a new job this year in search of better benefits or a higher salary. Although expected to some degree, given the rising cost of living, it’s a development that makes the question of retention more business-critical than ever.
Experts say benefits and rewards are set to lead the way. Appreciate Business Services’ Employee Value Report found three-quarters of employees believe companies that regularly gift or reward staff attract and retain a better calibre of employees.
Frank Creighton, Director of Business Development at Appreciate Business Services said, “a year ago, there was a degree of cautious optimism throughout the economy but within two months, market conditions were beginning to be severely disrupted following Russia’s invasion of Ukraine.
“Despite the ongoing economic challenges, businesses can mitigate the potential fall-out by focusing on their people, whether that’s their immediate employees and customers or their broader external network of partners or resellers.
“Evidence is mounting that people are becoming more selective when it comes to where they want to work and how they spend their money. Genuinely forward-thinking, evolving businesses will reap the benefits of corporate and consumer loyalty and redemption strategies are positioned to capitalise on the transformed workplace when the economic upturn comes.”
Research commissioned by employee wellbeing specialist, Unum UK, revealed nearly one-fifth of the UK workforce (19%) plan to look for new jobs in 2023, sparking fears of a Great Resignation 2.0. Therefore, it is vital that employers understand workers' needs and offer benefits to meet them.
The Appreciate Employee Value Report revealed that 75 per cent of employees believe companies who gift or reward staff regularly are likely to attract and retain a better calibre of employees, while 41 per cent of those who feel undervalued believe regular rewards from their employer would give them a greater sense of value.