Why your business lost employees in 2023 – and how to keep them in 2024

2024 promises a climate of accelerated change and heightened employee ambitions, where finding and securing top talent could demand a fresh approach. Recent Adecco Group research reveals that following last year’s ‘Great Resignation’, workers are more willing to stay loyal to their current employer – in exchange for long-term investment in their future.

Now in its fourth year, the Adecco Group Global Workforce of the Future report delivers an in-depth summary of employee attitudes worldwide. Our latest survey tracks the opinions of 30,000 workers across 23 countries, covering critical topics including fair pay, future skills, and the impact of artificial intelligence (AI) and generative AI.

Our research reveals what motivates the modern employee – including key drivers that decide attraction and retention rates across your business. In 2023, the ‘Great Resignation’ saw millions of workers leave their jobs, often fuelled by shifting personal and professional priorities following the Covid-19 pandemic. New employment set-ups – from flexible hours to fully remote contracts – crystallised what staff want (and don’t want) from their working lives.

Encouragingly, feedback suggests the mass exodus is over. In the UK, the percentage of employees who intend to leave their company in the next 12 months dropped from 29% to 25%. However, their commitment comes with a caveat. In return for long-term loyalty, employees want companies to recognise and actively develop their potential through training, wellbeing support, and career advancement. In this article, we share learnings from 2023’s job leavers, as well as practical plans to maximise hiring and retention in complex, quickly evolving conditions.

Push and pull factors for 2023

So, what triggers your top talent to resign? In 2023, pay continued to be the primary motivator for candidates seeking a new role. 31% of participants were tempted by a higher salary, while a quarter left to set up their own business. The remaining segment moved due to limited progression opportunities, a sense of unfulfillment, and concerns about heavy workloads and burnout.

When asked whether they’re paid fairly, 68% of UK workers agree, putting Britain a percentage point behind the global average. The UK places ninth overall, behind stronger salary satisfaction rates in Australia and Switzerland (both 86%), China (85%), the United States (75%), and a number of other European countries.

Despite its power as a pull factor, salary is a less effective retention aid. Remuneration lands ninth on the list of reasons to remain in a job. Instead, employees told us they value stability, healthy work/life balance, and colleague camaraderie. Others stay thanks to favourable work environments and because their job utilises their skills.

In 2024 and beyond, salary will be a tool for attraction, but not necessarily retention. People are placing added importance on intangible benefits – from solid career development opportunities to reviewing a company’s employee value proposition (EVP) from all angles. Core considerations include:

• Provide tailored upskilling pathways across technical and human skills, linking directly to individual roles and progression plans.
• Encourage managers to challenge traditional linear career paths, promoting employee-led training, internal mobility, and ongoing skills assessments to plan your talent pipeline.
• Ensure employees understand and nurture their transferable skills. Blue-collar workers may need extra support in being able to appreciate these fully compared to white-collar and tech talent.

Battling the burnout crisis

While you tool up your workforce for the future, keep a close eye on their wellbeing. Our research spotlights a global burnout epidemic, with the UK reporting the fourth highest levels worldwide. 71% of British employees say they’ve experienced burnout in the past 12 months, with managers being the hardest hit.

Putting the crisis into context, 44% of employees blame their burnout on working too hard, 43% believe it’s down to lack of leadership support, and 42% have shouldered more responsibility following layoffs. Presenteeism is another major contributor, as 78% of staff say their company does not encourage them to take their full annual leave and they don’t feel supported to take time off.

Going forward, it will become crucial to strike the balance between driving growth through ambitious employee development and safeguarding staff mental health. Your business can take practical steps to prevent burnout by keeping communication lines open, holding routine wellbeing check-ins, and training leaders at all levels to spot the signs of overwork.

As managers and leaders know, a well-rested team is a more productive one. Progress could require a company-wide attitude adjustment, giving employees time and space to recharge and modelling desired behaviours at director level. Touching base regularly can kickstart the necessary cultural shift:

• Use one-to-ones to motivate your team members to take their full leave entitlement.
• Ensure managers receive coaching and frequent wellbeing check-ins, as they’re at particularly high risk of burnout.
• Provide clear guidelines encouraging employees to support their mental health with time away from work.

Specialist support, future-ready solutions

To engineer proactive, sustainable attraction and retention strategies, it’s essential to prepare for the future while supporting present-day employee needs and priorities. This calls for change management, upskilling, and role mapping – alongside a firm focus on internal mobility and worker wellbeing.

Adecco provides expert guidance on securing top talent and shaping development and support programmes that keep pace with fast-changing workplace trends. To discuss the way forward for your workforce, get in touch with our team.