In 2012, we explored the Good Work Index in the UK, highlighting the importance of employee well-being and job satisfaction. Fast forward to 2024, and the landscape of workplace happiness has evolved with mental health support and work-life integration emerging as critical factors for employee well-being.
This shift is driven largely by societal changes, including increased awareness of mental health issues and the blurring boundaries between personal and professional life due to technological advancements. Employers who fail to address these areas risk higher turnover, lower productivity, and a weakened company culture.
Let’s delve into the current state of the Good Work Index, the changes over the years, and how stay interviews can support employers in retaining top talent while maintaining a happy workforce.
Good Work Index in 2012 (CIPD)
- Happiness Index: 6.5 out of 10
- Very Happy Employees: 25%
- Fairly Happy Employees: 56%
- Unhappy Employees: 20%
- Key Factors for Happiness: 73% cited relationships with colleagues
- Causes of Unhappiness: Lack of communication from the top
Good Work Index in 2024 (CIPD)
According to the latest CIPD Good Work Index 2024, the UK labour market has shown resilience despite challenges such as increased living costs and geopolitical tensions. Here are the key findings:
- Happiness Index: 7.1 out of 10
- Very Happy Employees: 30%
- Fairly Happy Employees: 50%
- Unhappy Employees: 20%
- Key Factors for Happiness: Relationships with colleagues remain crucial, but work-life integration and mental health support have become increasingly important.
- Causes of Unhappiness: Lack of communication from the top and insufficient mental health support.
The index shows that the percentage of unhappy employees has not changed, indicating that there will always be some level of dissatisfaction within any given workforce. The question for HR Leaders is: do you know who is unhappy in your organisation, and why?
The Role of Stay Interviews in Talent Retention
There’s a bit of a reputation around stay interviews being a ‘nice-to-have’ rather than a necessity. However, many leaders don’t realise that stay interviews offer a proactive approach to uncovering hidden dissatisfaction within their organisation.
In fact, a report from the Workforce Institute at UKG on the Great Resignation found that 76% of respondents who had stay interviews felt their manager fostered an environment where they could express feelings or frustrations, compared to just 47% in workplaces without them. Furthermore, the report revealed that nearly 2 in 5 job leavers who didn’t have a stay interview said it would have made an impact on their decision to stay.
By regularly engaging with employees, particularly top talent, you can better understand their concerns and aspirations, allowing you to address potential issues before they lead to turnover.
Here’s how stay interviews help:
- Identify Dissatisfaction Early
Stay interviews provide direct feedback on what employees enjoy about their role and what areas might be causing dissatisfaction. Whether it’s concerns about career progression, worries about job security, or dissatisfaction with the work environment, you gain actionable insights before it’s too late.
- Address Key Retention Factors
With stay interviews, you can focus on the key factors that affect retention, such as work-life integration, mental health support, and career development opportunities. Addressing these areas helps create a more positive work environment and ensures that employees feel valued.
- Prevent Unnecessary Turnover
By addressing issues raised during stay interviews, employers can prevent unnecessary turnover, reducing the costs and disruptions associated with finding and onboarding new talent. This proactive approach strengthens employee loyalty and fosters a culture of open communication.
- Improve Employee Well-being and Happiness
Engaging in stay interviews shows employees that their well-being matters. This creates a sense of belonging and reinforces their connection to the organisation, ultimately contributing to improved workplace happiness and employee morale.
How We Support Your Talent Retention Through Stay Interviews
At Chiumento, we offer personalised stay interview services designed to help you identify retention risks early and take action to keep your top talent happy and engaged. Here’s what you can expect:
- Semi-structured Format
- Transparent and Unbiased
- Actionable Insights
- Flight Risk Indicator
- Launch-Ready Process
Our stay interview process and platform are ready to go.
All you need to do is decide who you want to interview—we’ll handle everything else, ensuring a seamless experience from start to finish.
Prioritising Retention and Happiness in 2024
As we reflect on the changes since 2012, it’s clear that retaining top talent requires more than just offering competitive salaries and benefits.
Employers must understand the evolving needs of their workforce and proactively address areas of concern. Stay interviews offer a valuable tool in achieving this, helping you foster a positive work environment where employees thrive.
Ready to improve your talent retention?
Contact Chiumento today to learn how our stay interview services can help you retain your top talent and build a more engaged, productive workforce.