Small and medium firms (SMEs) are facing a mass exodus of employees from the workplace, despite high levels of job satisfaction, a report has found.
Research by Westfield Health has found that just under half (46 per cent) of SME workers across the UK are considering moving jobs, despite three-quarters (76 per cent) being very satisfied with their job.
Conducted as part of its Wellbeing for SMEs report, the survey of 2,000 employees found many small businesses could face up to 23 billion in recruitment costs, as a predicted 7.5 million workers look to move roles. It also estimated that the combination of replacing staff and rising energy prices will set SME’s back a total of 41.9 billion.
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Wes Wilkes, chief executive at IronMarket said SMEs have a much more acute sense for job satisfaction than they are given credit for. He added, “any exodus of workers is likely to be staved by a combination of fear, recessionary worry and 'worker warehousing' as hiring has been challenging”.
Meanwhile, Liz Beck, CEO and leadership coach at Aspiring HR, said factors ranging from the economy to individual career aspirations are driving people to change roles, and that SMEs often find this difficult. “SMEs can sometimes struggle to respond in these areas due to their size, range of opportunities and affordability for pay increases and additional benefits,” said Beck, adding that smaller businesses are going to be “challenged to compete with...
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