Mar 21, 2022
The Great Resignation: Why You Need To Be Offering Candidates More Than Money
'The great resignation’ has been a hot topic in recent months, and employers need to know not only the cause, but how to avoid it happening to them. It’s key to note the timing here; the pandemic has altered people’s mindsets. Now, there’s more than just salary on the table.
Join us as we take a closer look at exactly what’s changed for candidates, and why you need to consider the wider picture.
When a crisis happens, it puts things into perspective, and people tend to make decisions that they otherwise wouldn’t have made. Think about it: how many people do you know who have changed their job, location, or even relationship status over the last couple of years?
During the pandemic (and furlough), individuals got the opportunity to spend more time with their family. Some realised that they weren’t happy with how their life was previously – specifically the impact of work. They wanted something different out of their career, and so, ‘the great resignation’ began.
This ‘life is short mentality’ led to a number of candidates relocating. And with the rise of remote working, people could move away from town centres yet still reap the benefits of a city-based business.
Hybrid working appears to be the norm now. Our survey of over 200 candidates revealed that almost 70% agreed that it has bettered their work-life balance, and just over 70% said it has amplified the types of jobs and locations that appeal to them. Now, candidates have the opportunity to work their way – and they aren’t willing to compromise. So, if an employer doesn’t offer a hybrid model, there’s always another one that will.
Part of the reason for ‘the great resignation’ is an employer’s reaction to the pandemic. Obviously, some companies had no choice but to make staff redundant or furlough them. But there are employees who are unhappy with how they’ve been treated or how their organisation handled the pandemic.
Whilst you’d expect salary to be the main cause of such dissatisfaction, a significant number of candidates indicated it was also not knowing how to progress, or a lack of training opportunities available. Many staff wanted to develop their skills, but only 19% undertook training through their employer – and almost 40% did so of their own accord. Then there’s the safety measures. Although over 83% were satisfied with these in 2021, the end of restrictions means health and safety will be crucial in ensuring staff retention going forward.
What candidates value
The statistics mentioned in this blog are all from the Cast UK Salary & Benefits Guide 2022. It exposes must-know insights into what candidates value, and why you should be offering more than just money. Although salary was generally the most important factor, interestingly, a benefits package was not. Instead, candidates want to feel valued or challenged, which shows that monetary gains are only the start of attracting or retaining the best talent.
With an average of 57% of staff across all specialisms considering a career change due to the pandemic, Brexit or hybrid working, our Salary & Benefits Guide 2022 is vital reading. As well as providing average salary ranges for key roles, and advice on creating a holistic employee value proposition (EVP), the report looks at the impact of various events, detailing candidate satisfaction and why they might look elsewhere.
Most importantly, it tells you #WhatCandidatesWant.