A majority of Brits claim that they don’t believe that their employer has kept up with the rising costs of inflation.
If asked how they intend to cope with the increasing cost of living over the coming months, more than two out of five Brits believe they’ll have to come up with alternative methods of earning money if the company they work for doesn’t do more to assist their needs. Some employees stated that they are planning to submit their notices at work in order to accept the new job with an increase in salary or to boost their worth to their boss by showing him how they are able to find work and elsewhere.
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Achieving the same pace as the growing cost of living
The survey, which was conducted by the company that analyzes people, Visier It revealed that a majority of worried Brits expressed worries about paying for their electricity bills, rent, or mortgage payments, as well as paying for food items.
The majority of people who surveyed agreed that the household incomes aren’t enough to meet the increasing price of living. In addition, as costs of living keeps rising 79% of respondents said they feel their employers have an obligation to assist their efforts to manage this.
Tackling ‘reverse retention’ challenges
The evidence suggests that the rising cost of living has caused a rise of’reverse retention’ techniques which involves employees trying to persuade their employer to enhance their employment package by threating to leave.In fact when asked about the percent increase in their salary they’d anticipate when they hand in their notice to negotiate a raise one quarter of respondents said they’d expect an increase of 9-10%.
In spite of 79 percent of respondents admitting to never having previously done this it’s clear that it’s not only salary issues which are driving Brits to consider quitting.
Three out of five respondents feel no guilt about submitting their notice to increase their salary. In response to questions about why they don’t feel guilty, the need for money to cover energy costs and the possibility of a new employer to offer more, and also the most competitive recruiting market of the last generation were mentioned as the primary motives.
Alongside these concerns over the increasing cost of living, including record high prices for gas – employees also pointed out the financial benefits of working from home. This includes saving on travel and also saving money on lunches at the office.
Employers, it’s essential to be aware that, as costs rise the employees will be looking at their employers for ways to help in reducing expenses and thriving in their workplace. Therefore, it’s crucial to think about strategies for retention today to stay ahead of resignation letters – or negotiations strategies – before they are needed.
The positive aspect is that respondents reported that if they had flexible or hybrid working plans with additional learning and developing programs as well as a bonus plan, they are less likely to use “reverse retention” tactics.
In particular, staying abreast of employee feedback and developing effective employee experience strategies will help to understand the experience it’s like to work for a company and the way employees feel. Instilling line managers and HR personnel by gaining these insights will allow companies to not just put more emphasis on enhancing their retention plan in line with what research suggests employees are looking for, but also in providing employees with the tools they require to stay with the company”.
