A new report from Findex suggests “The Great Resignation” has arrived in Australia with one quarter of SMEs experiencing higher than usual staff turnover:
The Great Resignation is “no longer looming but very much here”, according to new data from financial services firm Findex which has found one in four SMEs are already experiencing a higher than usual turnover following the onset of COVID-19.
As Australia and New Zealand pivot from their elimination strategies to living alongside coronavirus, staff retention is emerging as the top business concern for the year ahead. In a survey of more than 500 SMEs, Findex found that half of businesses (53 per cent) are concerned about their ability to retain staff over the next twelve months. Furthermore, one in three businesses (33 per cent) have noticed a drop in employee satisfaction this year.
Concerningly, employers seem disconnected from what their employees want. Despite the popularity of remote and hybrid working models, 50% of businesses have not consulted with their teams on their preferred working-from-home-model – and have no plans to do so. In fact, almost two-thirds of employers want staff to return to the office for most of the working week despite acknowledging that they think only a third of staff will want to return to pre-COVID working arrangements.
Clarity on employer vaccination policies may also present retention challenges for businesses as almost a third (28 per cent) said they will require all employees to be fully vaccinated but a quarter (25 per cent) support full vaccination only if mandated by the Government.
Speaking on the launch of the ‘When Worlds Collide: Small Businesses Meet Post-Pandemic Life’ report, Jane Betts, Chief People Officer at Findex, said, “It appears for Australia and New Zealand, the Great Resignation is no longer looming, but very much here.
Now is certainly a good time to move jobs given the number of unemployed per job vacancy is tracking near historical lows: