Cendex - part of XpertHR - has found that 59 per cent of IT and telecom HR professionals are expecting that there will be an increase in resignations by employees over the next 12 months, as businesses move back to office working.
The top of employees’ priority has once again become their salary. During the lockdown periods, 44 per cent of IT and telecom staff accepted pay freezes - but this has changed now that restrictions have been removed and office working has returned.
In this sector, 56 per cent of HR professionals have discovered that not only do employees count pay as the most important job factor, but 28 per cent also found that their employees were requesting salary reviews on a monthly basis.
However, 36 per cent of IT and telecoms HR professionals say they only review pay packages once a year - with a further 36 per cent stating that they review quarterly. Following the pandemic, just 34 per cent of technology companies state that they have modified their salary structure.
As reported by 85 per cent of HR professions from UK businesses, competition has intensified notably during the last year, provoking what has become known as ‘the great resignation’. As turnover is predicted to be very high next year, the competition for talent will further intensify, making it vital that businesses use whatever power they can to not only attract new talent - but to retain their existing staff, who have remained loyal to them throughout the pandemic.
Scott Walker - Managing Director at Cendex - commented:
“Technology has always been a leading sector for staff perks, salary and setting the new standard for employee experience. However, the data suggests not enough is being done to meet pay expectations. In order to remain competitive HR professionals must benchmark their reward offerings against other firms, otherwise they run the risk of losing talent.”
To retain their top staff, employers need to recognise employee demand and strive to meet it. HR professionals need to review salary and benefit offerings on a much more regular basis, gauging market demands to remain competitive in the retention of staff and what workers expect from employers.
