A substantial 73% of UK employees are contemplating new job opportunities in 2024, with 90% expressing concerns about their current positions.
- Only a minor 20% of employees report thriving in their roles, while a significant 12% are experiencing complete burnout.
- The survey highlights a mismatch between employer incentives and employee appreciation, urging business leaders to take immediate action.
- For many, flexibility remains a paramount factor in job satisfaction, contributing significantly to job-seeking behaviour.
- A strong reward culture is crucial, yet only 57% of companies offer formal recognition programs.
According to recent research by BHN (Blackhawk Network), nearly three-quarters of employees in the UK are actively seeking new job opportunities as 2024 approaches, primarily due to prevalent concerns regarding their current employment situations. A notable 90% of respondents have voiced apprehension about their job security or satisfaction. This data suggests significant discontent within the workforce, with substantial implications for companies if these concerns are not addressed effectively.
Interestingly, only 2 out of 10 employees report thriving and enjoying their current roles, while a concerning 12% of the workforce is completely burnt out. These figures underscore the urgent need for companies to bridge the gap in employee engagement and well-being, a task that remains largely unfulfilled in many workplaces.
The research conducted by BHN indicates that there is a clear disconnect between the rewards and incentives provided by employers and the way employees perceive appreciation. Approximately 20% of employees looking for new jobs cite improved rewards, incentives, or recognition as a key motivator for their job search. Moreover, nearly 23% of respondents are seeking better benefits options. Employers are thus encouraged to re-evaluate and enhance their reward systems to align more closely with employee expectations.
Flexibility in working arrangements has emerged as a top priority for many employees. The report reveals that 32% of job seekers are motivated by the desire for flexible working locations, a factor that has become increasingly important with the rise of hybrid working arrangements. Despite this trend, some organisations remain committed to leveraging their physical office spaces to strengthen company culture. However, the research indicates that tangible incentives can motivate employees to work from the office, such as a pay increase or a reduced workweek, appealing to 50% and 39% of employees respectively.
A thriving reward culture is pivotal in employee satisfaction, with 80% of workers stating that regular recognition from employers makes them feel more appreciated. Significantly, 67% of employees believe they should receive recognition for their positive contributions at least monthly. Nevertheless, a striking 43% of employees revealed that their companies do not have a formal reward or recognition program in place. Chris Ronald, VP EMEA B2B – Incentives, Rewards & Benefits at BHN, emphasises the transformative impact of recognising positive workplace behaviours, arguing that companies must listen to their employees’ needs to prevent a detrimental impact on both individual businesses and the broader economy.
Addressing the apparent disconnect between employee needs and employer offerings is vital for retaining a satisfied and engaged workforce.
