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In a recent report by people2people Recruitment, it was found that the top five reasons employees are quitting in 2023 include a lack of career opportunities, low pay, management, non-supportive culture, and stressful working conditions. The report also highlighted the importance of diversity, equity, and inclusion, as well as mental health, as key factors that have increased in importance by 30% in the last three years.

According to the report, employees would be seven times less likely to look for a new job if there is clarity on their work priorities, and 66% would stay longer if it was easier to change jobs internally. This rises to 77% for decision-makers. Additionally, 76% of Gen Z and Millennials aspire to pursue side hustles in the future, indicating the need for flexibility in the workplace.

To improve employee retention strategies, the report suggests offering flexible work arrangements, increased base pay, increased variable pay, and additional training and development. Interestingly, the review of employer value proposition decreased significantly, while the desire for regular well-being employee surveys and increased annual leave was on par.

“People’s needs and wants have significantly changed over the past 12 months and are still evolving due to the ever-changing market conditions,” said Mark Smith, people2people Recruitment’s Group Managing Director. “Providing the flexibility for employees to pursue their side projects is a positive way to increase work satisfaction, engagement and increase talent retention in 2023 for the younger demographic.”

The report is based on the insights of over 1,050 employers over the past four years, representing more than 1,000,000 employees across Australia, New Zealand, and the United Kingdom.

Employers need to take note of these findings and make necessary changes to their retention strategies to ensure they remain competitive in the current market and retain their top talent.