Last week, I ran a poll asking my network the reasons why they were looking for work during the great resign and I was delighted to get some great responses. 

The responses were varied,showing that 24% of the respondents were simply not enjoying what they are doing at the moment. 28% of the people who replied wanted a new beginning, 4% wouldn’t move and a huge 44% wanted more money.

This is only a small sample, but if this were replicated across the sector it shows us that a significant number of people who responded are interested in finding a new job and that companies and employers need to be more proactive when retaining highly skilled staff in their teams.

What does this mean?

It shows us that salaries have stalled for too long and that a lot of people are unhappy with their jobs.  Many people (28%) have simply outgrown their jobs and need to freshen it up – this is a high number and it shouldn’t be unexpected given the lack of movement driven by C-19.

It also tells us that a quarter of people are just unhappy in their jobs. This will take further analysis, but it strikes me that WFH has brought into sharp focus that the work people are doing is not enough to keep talented employees happy and engaged. It also means many businesses are perhaps failing to drive engagement and fulfilment in a remote environment arena.   

The starkest figure is the 44% of people who replied saying more pay is a priority. This mirrors what we are seeing on the market with huge salary increases for people moving jobs; we are also seeing a big increase in the cost of living which is likely affecting a lot of your staff. 

Employer view

These figures are startling, we are in the midst of a skills shortage and companies are working hard to bring in new people (which is great for my business!). But it is also important that you focus on the team you already have and making sure that the working environment is as attractive to your existing team and not just to the new recruits. 

Here are a few things you could be doing:

• 1. Engage with a platform like Officevibe.com to confidentially ask your employees how they are (loads of other platforms do this) - When you get the results, listen and act on them.
• 2. Appraise your staff often, build career plans and always follow thorough. I think of each appraisal as a retention meeting. 
• 3. Invest in a good life coach (we work with Michelle Flynn!). Find someone ideal to your business.
• 4. Review your compensation packages - are you competitive? 
• 5. Review everyone’s salary, ask “if this person left what would you need to pay to replace them?”  Am I paying this person enough?  If you are not there is a 44% chance they are already looking for a new job. 
• 6. Have a plan

Employee view

If you are an employee, the amount of movement in the market and a skills shortage is good news for you. You can be fairly certain that you will get the pay rise and the challenge you want.  But this is also an opportunity to make your current job better and achieve your goals without moving. As such, it is a good idea to talk to you managers about things like salary, conditions and progression. If you position yourself in the right way, no company should get upset for you communicating and potentially saving huge sums of money. 

Here are a few ways to ask for a pay rise:

• 1. Know what you are worth, speaking to an experienced recruiter will help, remember they will give you a range.
• 2. Linkedin – (if you are linkedin to your manager) - connect to a few recruiters.
• 3. Pre-warn your manager – ask to meet with them to talk about your salary.  Always meet in person or on video to have this chat. 
• 4. Timing for these chats is also extremely important – don’t do it on your first day.  When are the budgets done? How is the business doing? When is your appraisal? When is your manager not stressed?
• 5. Write a script – it sounds silly but prepare, know what you are going to say and why you need the pay rise.

Conclusion

This was a small sample of people and it covered just the IT sector. I could have asked 100 other questions of this question in many different ways, but as a simple poll, I would suggest this is broadly what we are seeing on a day-to-day basis. Currently there are more jobs than people across the IT space, it is important that you look after your teams or you will end up with more jobs to fill.

Initi8 recruitment can help you find your teams and retain the team you have. If you are an employee we can coach you thorough difficult conversations, help you understand your market value and if all else fails, place you in a new job.

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