Employers are missing a key opportunity to retain valuable departing talent after they have handed in their resignation, according to new research.
A survey of 1,002 UK employees, the results of which have been published in The Loyalty Premium Report 2017 by incentives and rewards provider, One4allRewards.co.uk, reveals that 91 per cent of workers would be willing to consider staying at a company once they have handed their notice in, depending on what their employer offered them.
But just 25 per cent of employees say that they have been made any kind of offer when they have made their employer aware of their decision to leave.
When polled about the things that would make them reconsider remaining at the company, 45 per cent of respondents claimed a 25 per cent pay rise would do the job.
Changes to job titles were also effective in changing workers’ minds – as one in four (23 per cent) would be tempted to stay if offered a promotion.
Meanwhile, one in five (19 per cent) would remain for a 10 per cent pay increase.
Bonuses and incentives were also useful methods – 17 per cent could be won back with flexible working options, such as the ability to work from home, and 16 per cent with the promise of a bonus.
Declan Byrne, UK managing director at One4all Rewards, says, ‘What this research shows is that a notice being handed in does not have to mean the end. If a member of staff is highly valued by a business, this data shows there are options which can be called upon – if it is deemed viable – in order to retain them.’
And with 62 per cent of workers claiming that a colleague resignation makes them feel unsettled, and more than one in five even having considered getting a new job themselves as a result, sometimes the impact staff resignations can have on the wider workforce is damaging enough to warrant avoiding the situation altogether.
Byrne continues, ‘Considering how contagious the research shows staff departures can be, this is food for thought for employers. Of course, in an ideal scenario, workers would feel appreciated, progressive and happy enough that they will never want to leave.
‘But even in that idealistic situation staff departures do happen, and it is good for businesses to bear in mind that the discussion that happens when an employee hands in their notice is a two way conversation that they have the power to influence.’
Other recent research released by One4all Rewards highlighted the clear financial benefit of fighting to retain staff, revealing that the value of the loyalty of a worker earning the average full-time salary in the UK stands at £6,335.31 – or 23 per cent of the average annual wage.
One4all Rewards are industry experts in benefits and rewards. Working with over 6,000 businesses of all sizes nationwide, One4all Rewards helps to transform customer and employee relationships through successful rewards and incentive schemes.
For more information and to read The Loyalty Premium Report 2017 visit www.one4allrewards.co.uk.
The top ten things employees say would make them reconsider their resignation
- A 25 per cent pay rise – 45 per cent
- A promotion – 23 per cent
- A 10% pay rise – 19 per cent
- Flexible working (e.g. flexi time / the opportunity to work from home on some occasions) – 17 per cent
- A bonus – 16.67 per cent
- Increased benefits (e.g. a larger bonus) – 15 per cent
- Being given reassurance about job security – 13 per cent
- Training and development opportunities – 11 per cent
- A company car or being offered more support in the role (e.g. new hires, more opportunities for collaborative working) – 8 per cent
- Changes to the team structure – 7.68 per cent