Independent and start-up business leaders may think the key to success lies in growth; but while you obviously need to grow your business’ value and profit margins, this doesn’t necessarily mean you have to grow the size of the company beyond what you need. Higher staff numbers don’t always equate to higher sales volumes, and large workforce’s may not always include the industry’s best talent.
In fact, a recent LinkedIn survey revealed an interesting employment trend that we thought was worth sharing. According to the findings, a growing number of people are choosing to leave big companies to work for smaller ones.
The report was based on the analysis of a LinkedIn survey of more than 10,000 professionals, as well as the behaviour of LinkedIn members.
Perhaps the most interesting finding was that people are more likely to leave a company that employs more than 5,000 people and join companies employing less than 500 people. This comes following a boom in 2014 that saw many small businesses opening in the UK.
‘Better compensation/benefits,’ cited by 50% of those studied. This was very closely followed by ‘The work sounded more challenging’ (49%) and ‘More ability to make an impact’ (47%).
So what do these top three answers tell us about people’s attitudes towards work?
Firstly, we learn that compensation and benefits are the main draw for attracting top talent – this may sound like nothing new, but it is still important to note as it doesn’t necessarily just mean pay. Today’s workers are just as concerned with achieving a work/life balance as they are earning a high wage packet; so, they are looking for added extras such as additional holiday, flexible working hours, healthcare schemes and childcare vouchers.
We also learn that they want to be challenged in their work, and they want that work to make an impact in some way. These workers aren’t just looking to clock in and clock out – they want the hours they put in to be satisfying and rewarding.
The research also found that on the whole, people seem to be leaving jobs in retail, professional services and the government for jobs in healthcare, energy and tech.
There were different reasons why people chose to leave certain industries for others – for example, retail workers were unhappy with their work/life balance and professionals weren’t satisfied with their pay. Meanwhile, those entering the tech and software industry felt that it met their need for more challenging work; and those joining the energy industry did so for better compensation and benefits.
Of course, larger sized companies shouldn’t lose heart from this study. Instead, they should focus their efforts on emphasising the benefits of working there and the impact that their employees can make – rather than trying to impress candidates with their size and scope.
Whatever the size of your business, Lucy Bristow can help you find the right administration, marketing and business support staff. Get in touch today to see how we can help.