One of the world’s largest corporate education content hubs, have released its latest analysis uncovering how to attract and retain the future workforce as employee resignations could cost the nation up to £17 billion. 

While employers scramble to identify the mix of perks and benefits required to retain their employees, Go1’s research2 reveals that upward mobility may be the most important factor to consider, as nearly two in five employees report being willing to leave their job due to a lack of growth opportunities.

Young talent is already exhibiting signs that they will not tolerate a work environment that does not offer development. Gen Z workers that do not see career advancement are likely to job hop after 1.7 years on average, with a full 30% leaving these “dead-end” roles in as little as four months. At present, nearly 40% of UK workers are planning to leave their jobs in the next 6-12 months. The most common reason (60%) is to seek better career prospects. This rapid turnover could cost UK companies up to 17 billion1.

“With highly skilled, young talent leaving jobs so early, their ambition should not be a threat. By offering upskilling opportunities to employees, companies show they value career development which can satisfy the future workforce’s drive to have more meaning behind their work,”

said Chris Eigeland, CRO and Co-founder of Go1.

By the same token, businesses are suffering in a war for talent, with three in four companies struggling to hire. But if the working environment doesn’t improve, that struggle will be compounded by the loss of one in three staff, who will not hesitate to change careers to seek a better lifestyle (30%) or toxic-free culture (18%).

Leadership must act fast to attract new resource and retain existing talent. For companies evaluating their benefits in hope of improving retention, it’s not as simple as offering more money – only 44% of the workforce would leave for a better income. Employees can’t simply be bought for their skill and want more from the workplace. Nearly a third (32%) will quit their job for a better work/life balance and a fifth (20%) will flee in hope of gaining more meaning to their role.

With greater choice in the workforce, long term commitment becomes more difficult to foster, especially when the jobs on offer don't meet employee needs. Businesses, however, can implement change in their existing teams by providing employees with a professional development program, and promptly. Greater emphasis must be placed on creating the best working environment to retain and attract the future workforce.

To learn more about improving employee retention and to see the rest of the report visit www.go1.com/blog/the-job-hopping-survey-reasons-why-people-resign,