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29th February 2020
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When resignations in trades don't have to mean the end
Construction and plumbing employers are missing a key opportunity to retain valuable departing talent, according to new research carried out during a survey of 1,002 UK employees, which revealed that 93% of trade workers such as those in construction and plumbing, would be willing to consider staying at a company once they have handed their notice in, depending on what their employer offered them.
But just 25% of employees say that they have been made any kind of offer when they have made their employer aware of their decision to leave.
When polled about the things that would make them reconsider remaining at the company, 44% of respondents claimed a 25% pay rise would do the job.
Changes to job titles were also effective in changing workers' minds - as almost 1 in 4 (22%) trade workers would be tempted to stay if offered a promotion or the promise of a bonus (22%).
Meanwhile, 18% would remain for a 10% pay increase.
Incentives were also useful methods - 13% could be won back with flexible working options, such as the ability to work from home and increased benefits such as larger bonuses.
"What this research shows is that a notice being handed in does not have to mean the end," says Declan Byrne, UK managing director at incentives and rewards provider, One4all Rewards, which has published the results in The Loyalty Premium Report 2017. "If a member of staff is highly valued by a business, this data shows there are options which can be called upon - if it is deemed viable - in order to retain them."
And with 53% of trade workers claiming that colleague departures make them feel unsettled, and almost one in 5 (18%) even having considered getting a new job themselves as a result, sometimes the impact staff resignations can have on the wider workforce is damaging enough to warrant avoiding the situation altogether.
"Considering how contagious the research shows staff departures can be, this is food for thought for employers in the trades such as construction and plumbing industry," continues Declan. "Of course, in an ideal scenario, workers would feel valued, progressive and happy enough that they will never want to leave. But even in that perfect situation staff departures do happen, and it is good for businesses to bear in mind that the discussion that happens when an employee hands in their notice is a two-way conversation that they have the power to influence."
Other recent research released by One4all Rewards highlighted the clear financial benefit of fighting to retain staff, revealing that the value of the loyalty of a worker earning the average full-time salary in the UK stands at £6,335.31 - or 23% of the average annual wage.
One4all Rewards are industry experts in benefits and rewards. Working with over 6,000 businesses of all sizes nationwide, One4all Rewards helps to transform customer and employee relationships through successful rewards and incentive schemes.
The top 10 things trade employees say would make them reconsider leaving a job, are:
* A 25% pay rise - 44%
* A promotion - 22%
* A bonus - 22%
* A 10% pay rise - 18%
* Flexible working (e.g. flexi time / the opportunity to work from home on some occasions) - 13%
* Increased benefits (e.g. a larger bonus) - 13%
* Being given reassurance about job security - 9%
* Being offered more support in the role (e.g. new hires, more opportunities for collaborative working) - 9%
* Changes to the team structure - 7%
* Training and development opportunities - 5%
For more information and to read The Loyalty Premium Report 2017 visit:
28th April 2017