A recent paper found almost three in five employers (58%) expect an increase in resignations over the next 12 months – with a third believing we will see the increase in the next 6 months. The expected increase has been dubbed ‘The Great Resignation.’
The research found nearly half of employers (48%) only review their pay and benefits package annually. However, the imminent influx of resignations mean an annual review will simply not suffice. Many employers may wish to reconsider their review timescales, given the obvious threat to employee retention.
Some employers are already doing this, with the research finding 19% of employers make quarterly revisions, 12% monthly – and 6% of companies even do it weekly. The remaining employers either conducted annual reviews (48%), or do not conduct reviews without prompt from an employee (15%).
In a year which saw much of the nation move to home working, time away from the office has given employees the time to reflect on what’s important to them.
It’s essential that in light of the expected ‘Great Resignation’, organisations regularly review packages, benchmark reward packages against those of their competitors, listen to what employees want, and make adjustments where necessary. Doing so will be pivotal for attracting and retaining top talent.
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Original article here.