Navigating the new world at work. Our study includes 2,027 full-time UK based employees, working for organisations with more than 250 employees.
Employees are feeling more positive overall than last year
2023 was a challenging year for British employees. On the positive front, employee engagement and satisfaction are up across the board. Overall experiences of work are also up: nearly seven in 10 employees feel valued, empowered and connected during their workday. Since last year, employees also have a greater sense of balance, belonging, adequate compensation, benefits and career opportunities — and they are less likely to consider leaving their employers.
Hourly employees believe they are compensated more fairly than last year — and feel more favourable about their pay compared to salaried employees — possibly due to a National Minimum Wage uplift and boosts to employment protections for parents and unpaid careers. Employees earning less than £25,000 and those between 18–24 years old are most likely to leave their employers.
But things are not all rosy: employees are dealing with high anxiety over finances this year — and their mental health is struggling as a result. Financial stressors remain high, between inflation, the rising cost of living and higher interest rates, which have been squeezing households and businesses alike. An uncertain economy increased concerns over the ability to retire. And generative artificial intelligence (AI) such as ChatGPT exploded onto the scene, destabilising the nature of work.
The four key findings from this year’s Inside Employee Minds study reveal where employers should focus to adapt to changing employee expectations:
Focus on financial security.Mental health concerns persist, and employees are asking for employer investments. The employee experience is still overwhelming and exhausting for many — and employees say that rethinking work is the key to improving their wellbeing.
Amplify wellbeing through flexibility.Mental health concerns persist despite significant employer investments. The employee experience is still overwhelming and exhausting for many — and employees say that rethinking work is the key to improve their wellbeing.
Build trust through career transparency.Due to the skills gap that has developed in the labour market over recent years, focusing on skill development of employees will be crucial to keeping attrition levels healthy and ensuring your organisation does not lose valuable talent.
Unlock potential through AI.Concerns over job security have decreased this year, dwarfed by personal finance concerns, but employees still have mixed feelings about whether technology will improve their experience of work.