Employees are craving stability, at least for now

Six in ten employees say they are unlikely to leave their job in the next 12 months

Given the level of economic uncertainty employees are facing, it is little wonder that they are looking for stability at work.

Nearly two thirds (61%) of employees say they are unlikely to leave their job in the next 12 months, with a third saying they are very unlikely to leave. On the other hand, 19% of employees say they are likely to leave, down from a quarter of employees two years ago.

While employees are concerned about their job security, 90% are confident that their workplaces will be around in 12 months and the vast majority (75%) are satisfied at work.

As employees seek stability, they are becoming more tolerant of their colleagues and are appreciative of the initiatives their employers are taking to support them. For example, 61% of employees believe their workplace proactively manages their wellbeing, up from 53% two years ago.

Significantly fewer employees’ wellbeing is being impacted by:

Lack of collaboration (27% in 2024, down from 33% in 2022)
No clear understanding of what’s expected from the role (25%, down from 32%)
Lack of being seen as a whole person, including cultural and financial needs (20%, down from 25%).

The craving for stability might be temporary

New Zealand’s workforce is relatively mobile, with nearly 40% of employees having been with their employer for less than three years. We found a strong correlation between age and length of service, with younger workers (those under-40) much more likely to have shorter service.

Interestingly, those who have been with a company for one or two years are most at risk of leaving, and have the lowest levels of satisfaction, with a net likelihood of leaving at 30% and a net satisfaction of 65%.

In addition, nearly one in five (22%) employees who said they had been negatively impacted by the cost-of-living crisis say they have looked for a new job.

When looking for a new job, employees say the following factors are important to them:

83% flexible working
76% hybrid working
75% regular performance feedback and performance development reviews
73% career development strategies that are linked to recognition and rewards programmes
72% wellbeing initiatives and subsidies
64% medical and health insurance.

What can you do?

To support retention of your workforce you can consider:

Ways to provide career development opportunities and encourage professional development
Ensure you are offering competitive compensation and benefits
Consider offering health insurance which can help you retain talent with this sought-after perk
Promote work-life balance
Provide regular feedback and recognition
Promote wellbeing initiatives
Look at your, and your competitors’, employee benefits.

Practical Solutions and Resources

Training courses

Management – An Introduction for First Time Managers

You will learn what it takes to become an effective manager in today’s business climate, and how to hone your skills so you can manage successfully and with confidence. You’ll also learn how to motivate your staff to work enthusiastically towards your high-priority goals. This course also shows how to delegate effectively, so you can trust your team to get on with the job while you plan for future success.

Learn the key components of good management, so you can apply your knowledge and skills productively and take charge of your own professional development.
Earn ‘release time’ by delegating effectively, so you can focus on the big-picture stuff.
Motivate and influence your staff to perform well, achieving the important goals and objectives of your team or business unit.
Deal decisively with issues as they arise using focused performance coaching.

Performance Management (HR204)

Have you been managing staff performance for a while but become unstuck when things get difficult? If you are a manager or HR practitioner managing serious performance issues, you’ll benefit from introducing a consistent performance management framework to your organisation.

Essential skills to communicate performance expectations in the workplace.
A constructive framework for identifying and escalating issues appropriately.
A comprehensive plan (including documents) for managing a PIP process.

eLearning modules

Communication at Work

Being a great communicator has never been so important, and the Communication at Work module will ensure what you have to say gets heard. This module will help your business stay informed, engaged and communicating clearly and effectively on all levels.

Effectively communicate with the right tools for the audience and message.
Communicate up and down the business with the stakeholders and staff to get your message across faster.

Effective Delegation

The Effective Delegation module will equip you to help your people meet their goals and deadlines by understanding how to delegate work and responsibilities properly. You’ll learn that by identifying the specific skills and talents in your team members, you can grow them to reach beyond KPIs and targets and deliver quality work.

The module covers:

Different strategies for effective delegation to suit your team.
How productivity relates to the mental health and wellbeing of your team.

Resource documents and policies

Webinar

The Workplace Revolution: The right approach to performance management

This webinar takes a deep dive into performance management, setting you up for productive performance conversations and good processes that work for everyone.

Sarah Selwood, Employment Relations Consultant, EMA
Ruthi Bommoju, Senior Solicitor, EMA
Mauro Barsi, Head of Legal, EMA

9 October, 11am, online.

nib Insurance

Boost employee wellbeing with tailored Health, Life and Trauma cover for a healthier, happier workplace.