It's an understatement to say that working life has taken an unexpected turn in 2020. In an effort to protect their teams many businesses have turned to remote working or the furlough scheme. We've witnessed digital innovation to help bring people together and enable firms to go on providing key services, but sadly we've also seen companies falter in these difficult times.
As we emerge from the other side of this crisis, we all need to be in a position where we're flexible and ready to shift as the economic climate demands. Being “ahead of the curve” – as it were – is a crucial aspect of preparedness, and staying informed puts you in that place. Heading into 2021 with a better understanding of what the individuals of your team want and need will enable you to make better decisions for them and for your business.
In July 2020, we surveyed over 2000 marketing, creative and digital talent to understand exactly how they see the working world and what's driving them. Here's just a sneak peak at some of the takeaways from our 2020 Talent Insights report.
Half Your Team Are Leaving
You read that right. Almost 50% of talent said they’re looking to leave their jobs in the next three to six months. This is especially telling given the state of the job market right now.
It’s a big price for any organisation to pay. According to research by Oxford Economics and Unum, the average cost of turnover per employee is over £30,000! It’s also a big blow to company morale, as the remaining team often loses a friend and has to pick up the work slack. Nevermind the time involved in hunting for new talent, and then getting them up to speed.
1 in 3 Aren't Happy at Work
Of the 2054 people we surveyed, 33% said they are dissatisfied or very dissatisfied with their jobs. That's even more impactful when compared to last year's insights which revealed only 1 in 5 was dissatisfied.
And why is this so important? Because when people are satisfied with their jobs, it’s better for everyone. Obviously for the employees themselves, but also the organisation. The London School of Economics published a study in 2019 that showed direct correlation between worker satisfaction and business productivity across all counts including profitability, employee productivity, and even customer retention.
What Do I Do Now?
The good news is that just because this is what people are thinking and feeling, doesn't necessarily mean they're going to act on it right away. You haven't suddenly found yourself in an impossible situation – a single person holding all of the frayed threads of the business together. In fact, if you're reading this you're likely in a better position than many other people out there. You're actively interested in what your colleagues are thinking and feeling… and now you know, you're in a good place to start doing something about it.
Having opened this blog, and got this far through it, it would make sense to carry on and download the full 2020 Talent Insights report. Find out what else you don't know, read over our key takeaways, and take these on board as you plan for your business to move forward in the new year.
About the author
Ben Kinkaid is Senior Marketing Executive across Aquent's European markets. A key player in Aquent’s marketing and content strategy in the EU, alongside social media strategy, lead generation, tone of voice, brand partnerships & content development. Outside of work Ben likes to stay active including cycling, golf, snowboarding and weightlifting. He's also a big fan of board games!
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