Member Article

New Report Offers Answers for Businesses to Combat the 'Great Resignation'

With job vacancies in the UK at an all-time high, new research shows that over half of people (55%) will consider the quality of an office when it comes to taking on a new role. The findings are part of Peldon Rose’s new Powered by People report, which takes a deep dive into the way business leaders need to act in order to put their people first, and offset the impact of the ‘Great Resignation’.

The challenges being faced by businesses across the country around recruitment and retention are stark, and companies are having to work harder than ever to attract and retain the best people. Workplace design and build company Peldon Rose has been watching this shift closely over the last 18 months, and has carried out exclusive research with both the workforce and C-suite, to understand the scale of the issue and provide tangible solutions in its latest report.

This in-depth report brings together the research findings with expert insight from industry pioneers including Katy Leeson, Managing Director of Social Chain, to provide solutions to engage and invigorate the workforce. Commenting on the report, Katy said: “In order to combat the ‘Great Resignation’, businesses need to do more to offer an environment where that creative spark and energy can thrive, develop a strong culture and engage teams. A huge part of that is instating the office as the core of creativity.

“Taking action now will have a huge impact on people and will help them thrive. It will also make such a difference for business leaders when it comes to tackling a recruitment market which is intensely competitive and, quite frankly, really tough. We need to do more than ever to focus on retaining talent because the options out there for people are greater than they ever have been.” Findings from the report also have highlighted the seismic shift in the way companies are now operating, with many having to adapt for combat challenges created by the pandemic. 60% of UK business leaders stated that their ways of working have recently evolved, including nearly half (42%) of respondents now adopting a hybrid approach to working patterns.

When looking at the drivers behind these changes, the report found that over half (55%) of business leaders have experienced a worrying drop in staff engagement as a result of working from home full-time during lockdowns. This shows just how important a physical office is, and how being in the same space as colleagues can support staff engagement and productivity – especially for collaborative work.

The results from the workforce survey reinforce what employees want from an office, with the power now firmly in their hands to dictate recruitment decisions. It is often the main physical embodiment of company culture, so it’s key that it reflects and adheres to the needs of the workforce.

According to the research, the top three design considerations for employees are: a space that supports activity and wellbeing, one with high quality technology and one that supports different styles of working. It’s choice here that’s key for the workforce though, and with greater exposure to flexible ways of working, it explains why the power is now firmly in the hands of the people.

Jitesh Patel, CEO of Peldon Rose, added: “Businesses are having to work harder than ever to both recruit and retain talent, but in order to do this, they must better understand the needs of their staff – particularly around what they want and need in order to be as productive as possible. With the power now shifting towards employees in choosing where they want to work, and all sectors of business facing the impact of the ‘Great Resignation’, it can seem like a lot to navigate for companies, and that’s where this report, Powered by People, comes in.

“Whether it’s redefining your employee value proposition to shine a light on why someone should work with you, harnessing flexible working in order to empower people, or investing in a workplace that embodies your culture; it’s vital to show your people that you value them. We hope this report provides companies with useful insight to help create a business where people choose to work, along with a shared vision that people want to work towards.”

Following the report launch, Peldon Rose will be hosting a live event at the offices of financial data analytics specialists Preqin, in London on March 2022, which will explore the ways in which companies can meet employee needs, in order to attract and retain talent. Both Katy Leeson and Peldon Rose CEO, Jitesh Patel, will share their insight and expertise during a Q&A with Sandy Lindsay, founder of leading creative communications agency, Tangerine.

This was posted in Bdaily's Members' News section by Peldon Rose .