Almost three in five employers expect to see an increase in resignations over the next 12 months, according to research by salary analysts Cendex.
Almost a third (32%) thought the increase in resignations would happen sooner, within the next six months, it found.
Despite a turbulent labour market and the prospect of high turnover, almost half of employers (48%) only review salary and benefits packages once a year, according to Cendex.
This was despite 54% of HR professionals reporting that they thought salary was the most important for prospective candidates.
Almost a fifth (19%) conducted salary reviews once a quarter, 12% said every month and 6% look at reward on a weekly basis. Fourteen percent felt that keeping up with salary expectations was a challenge.
Scott Walker, Cendex managing director, said the coming months could see what many are calling “the great resignation”.
“In a year which saw many people working from home, time away from the office has given employees the opportunity to reflect on their employment status and what’s important to them.
“As a result, one of the biggest challenges for employers in the coming year will be employee retention, yet despite this threat to turnover rates employers still only review pay and benefits once a year.
“Regularly reviewing pay and reward will put employers in the best position for retaining and attracting new talent so it’s essential that organisations are able to confidently benchmark their offering and remain competitive in the market.”
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Cendex, part of XpertHR, conducted the survey among 254 reward decision makers during April 2021.
