Mass job moves will come after pandemic eases, warns LCP
- More than 2 in 5 (46%) of workers feel under-valued by their employer
- Over half (56%) of employees say they have received very little or no communication to support their wellbeing
- Almost half (46%) of employees do not have confidence in their employer post-pandemic
Weak engagement with staff during the pandemic could trigger mass job moves after the economy recovers from the worst effects of Covid-19, warns Lane Clark & Peacock (LCP), the independent consultancy firm.
Research by LCP1 shows almost half (46%) of the UK workforce feel undervalued by their employer. This sentiment is common at all salary levels, with 31% of those earning more than £100,000 feeling undervalued.
The utilities sector has the highest proportion of employees that feel undervalued (60%), followed by the wholesale and retail sectors at 54% and 53% respectively.
One key driver of employee satisfaction is the support provided beyond financial renumeration. Over the course of the pandemic, many employees experienced a significant impact on their physical, mental and financial wellbeing. Despite this, more than half (56%) of employees say they have received no or very little communication to support their wellbeing from their employer.
Furthermore, the coronavirus pandemic has in part sparked a change in employee priorities toward favouring greater work life balance. Wide spread of adoption of remote working practices has given a large proportion of workers – who typically worked long hours before the onset of Covid – more leisure time. As the pandemic eases, many workers may choose to move to employers where they feel this balance is more likely to be maintained.
Job moves are also likely to come in sectors and businesses where employees are uncertain of their employer’s future viability. LCP’s research also shows more than 2 in 5 (46%) employees do not have confidence in their employer once the worst effects of the crisis subside.
Confidence is lowest among workers in the arts and entertainment sector, with 59% not confident in their employer after the pandemic, followed by the utilities sector (58%). Financial services (38%) and real estate (37%) have the joint third lowest confidence levels.
Heidi Allan, Senior Financial Wellbeing Consultant at LCP, says: “While many employees will have valued the security of their existing roles throughout the uncertainty of the pandemic, it is only once things start to return to normal that employees may reassess their experience of the last 12 months and their prospects for the future.
“The pandemic has fed into shifting many households’ professional, financial and mental wellbeing goals. Undervalued and poorly supported employees may look to move to jobs that better align with their new-found lifestyle aspirations.
“Feelings of underappreciation are felt across all levels of staff – they are not concentrated among those on relatively lower salaries. This suggests that salary is not the only factor in employee satisfaction, and that employers must think much more holistically about the ways that they support their staff.
“Employers must undergo a step change in how they support their staff. Workers have likely experienced severe mental pressures over the last year. There is a critical role for employers to play to ensure staff concerns are acted upon by prioritising their wellbeing.”
Proportion of workers that feel undervalued by their employer broken down by industry