Talent Connect SA Ltd’s Post

Discover UK's Great Resignation, causes and stats. Prepare for disruptions and challenges. Find out what employers can expect in 2024.

Discover UK's Great Resignation, causes and stats. Prepare for disruptions and challenges. Find out what employers can expect in 2024.

Did anyone else see the piece in today's Guardian, somewhat buried under other business news, about "The Big Stay"? The reverse of recent years "Great Resignation", it would be interesting to hear whether your experiences ring true with this perspective. The last 12 months have been relatively cautious, but my own experience has been that things are opening up over past few weeks post- new financial year. “The Great Resignation” is over; now it's “The Big Stay” “The Great Resignation” that gripped the UK economy is over, according to the Chartered Institute of Personnel and Development (CIPD). CIPD’s latest Labour Market Outlook report has found that 55% of employers are looking to maintain their current staff level - the highest level since winter 2016/17 – rather than taking on more workers to handle increased demand. Instead, CIPD reports that the UK labour market is now less dynamic and competitive, leading more workers to stick with their currrent jobs rather than risk a move. James Cockett, labour market economist for the CIPD, says “When the economy reopened post-pandemic, turnover and vacancy levels rose in response to the hot recruitment market. Now, the so-called ‘Great Resignation’ is well and truly over and has been replaced by ‘The Big Stay’, with more people opting for job stability. Falling staff turnover and vacancies also mean the balance of power in the labour market is moving in the direction of employers and away from workers. “Based on the trends in our report, there’s likely to be further falls in both turnover and vacancy levels in 2024. Employers will need to look forward and factor in this lower attrition when making decisions around staffing levels and the future of their workforce. We are now entering a more stable period, as recruitment trends bounce back to pre-pandemic levels. The report also found that British employers expect to raise wages by 4% over the coming 12 months. That would still mean a rise in real wages, as inflation is expected to fall to around 2% this spring.

Great Resignation 2 Since Covid, the employment market has been all over the place, culminating in the Great Resignation of 2021. In the United Kingdom between July and September 2021, over 400,000 workers left their jobs, up from 270,000 two years prior. Between October and December 2021, the rate of U.K. workers aged 16 to 64 moving job-to-job was at an all-time high of 3.2%. Covid meant people had the chance to rethink their careers, address burnout and particularly younger works, look at their work life balance However, by August 2022, many British workers have returned to the employment market after quitting and some elderly Britons have opted out of retirement to pay their bills in the wake of high inflation. Workers had not thrown their laptops out the window and given up work – they had moved on to new positions with higher salaries, better work life balance, training opportunities and more support. What now?..... Click the link below to read our thoughts https://lnkd.in/ea7g-kmK

More than half of workers in the UK point to the fear of the unknown (59%) as holding them back in their careers. Employees expect employers to guide them through uncertainties with upskilling and future readiness. Despite the end of the "Great Resignation," high employee expectations persist. For more insight as to how employers can provide stability, engage their passive talent pool and improve retention read the article here 👉 https://lnkd.in/e9NaS9xG #WorkplaceTransformation #AssessingCulture #LHHLeadershipDevelopment

In an annual study @Allianz Australia conducts into workforce trends and behaviours, they discovered that almost half of Australian workers feel overworked or burnt out. In 2023, 38% of employees felt overworked or burnt out; however, this year, that has risen to 48%. In the same study, 36% of Australian employees (the equivalent of 2.7 million people) said "they're likely to consider leaving their current organisation in the next 6-12 months." The last time a mass shift like this occurred was the famous 'Great Resignation'; however, when this happened (November 2021 to February 2022), only 1.3 million people changed jobs in Australia. If this is true, twice as many people will be looking to change jobs in the next 6-12 months than during the famous Great Resignation. Is this likely, or is it hype? Well, Gallup's 2024 State of the Global Workplace Report states that 74% of Australians feel now is a good time to look for a new job, compared with 54% globally. The Allianz study was completed between 24 April 2024 and 6 May 2024, so it's current. I have been speaking to people for well over a year now about them being overworked and feeling burnt out. It's my opinion that once this merry-go-round starts, there will be a seismic shift for employers, and for many, it's already too late to act due to how their staff feel. #burnout #fatigue #overworked #change #merrygoround

Is the ‘Great Resignation’ now a thing of the past? This article in the Independent argues we are now in the era of the 'Big Stay'. Is this something you are noticing in your business? #bigstay #retention #hr https://lnkd.in/duhgtNBJ

As the cost of living continues to soar, its impact on the job market and recruitment landscape cannot be understated. We recognise the challenges this presents for employers and job seekers alike, and we're here to provide invaluable insights into navigating these turbulent times. 📈 Rising Costs, Shifting Priorities: With essentials such as housing, utilities, and groceries consuming larger portions of household budgets, job seekers are increasingly prioritising roles that offer stability, growth opportunities, and competitive compensation packages. Employers, faced with the challenge of attracting top talent amidst escalating operational costs, must adapt their recruitment strategies to meet evolving candidate expectations. 💼 Talent Retention and Recruitment Strategies: In response to the cost of living crisis, employers must rethink their talent retention and recruitment strategies. Offering competitive salaries, flexible work arrangements, and comprehensive benefits packages can help attract and retain skilled professionals. Additionally, investing in upskilling and professional development programs can enhance employee loyalty and productivity. 🌐 Adapting to Economic Dynamics: Economists express concerns about mass job losses amid slowing economic growth and interest rate hikes. While government initiatives aim to ease the housing crisis and reduce energy bills, the persistence of high living costs and continued economic sluggishness raise questions about the possibility of a looming recession. Labour market experts emphasise the importance of monitoring long-term unemployment rates as a key indicator of economic health. 💡 Gough Recruitment's Expertise: With a deep understanding of the job market's complexities, Gough Recruitment is uniquely positioned to assist employers and job seekers in navigating the cost of living crisis. Our team of experienced recruiters offers tailored solutions to match employers with top talent and guide job seekers towards fulfilling career opportunities. 🤝 Let's Collaborate: Whether you're an employer seeking strategic recruitment solutions or a job seeker navigating the challenges of the job market, Gough Recruitment is here to support you every step of the way. Reach out to us today to explore how we can help you #GoughRecruitment #CostOfLivingCrisis #JobMarketInsights #RecruitmentStrategies #EconomicDynamics

Interesting article here https://lnkd.in/gjmMNSqz "Security AND Pay AND Progression" has to be the aim, surely? Likewise, is the best answer in either the "Big Stay" OR the "Great Resignation"? More likely somewhere in between. Whether you read this as an employer or job-seeker it's about balance - and that's where we hope to be a catalyst.

This article provides some simple ways employers can demonstrate they care about employees as they navigate economic challenges. This can include promoting your employee assistance program, training managers to support their teams better, or offering training and career development opportunities. You can learn more here. #HumanResources #Inflation #TalentManagement #TakeCareOfYourPeople https://lnkd.in/eFjmkQtN