Date Published: 13/12/2021 16:47
The way we work is evolving at an unprecedented rate - and many of us are also mulling a career change. Future Life Wealth Management's director of operations Keeley Woodcock considers the implications of what's unravelling for both employers and employees...
There is no doubt that the pandemic, as well as the methods adopted to combat it, has had a negative influence on people's mental health.
That is true not just in the UK, but all across the world – and with another wave on the way this winter, things could well get even worse before they get better.
Unsurprisingly, many people took lockdown as an opportunity to reconsider their goals in life and career.
The Independent reported in summer 2020 that half of the UK workforce was exploring a career change, with medical careers, teaching, and landscape gardening at the top of the wish list.
The common consensus was that 'life was too short' to be undertaking a job that was simply unenjoyable.
It's easy to dismiss that as a reaction to the pandemic and the lockdown.
However, by early 2021, even more people were looking to shift careers, with Totaljobs.com stating that more than 70% of respondents wanted a career change. Flexible working hours, the ability to work from home, and working for a company that "shared my values" were all important considerations.
So far, so understandable...
But from the perspective of an employer, the situation is extremely concerning.
Among HR experts, the phrase "battle for talent" has almost become a cliché, and firms are going to great lengths to acquire and keep the best employees.
In order to combat employee burnout, one UK company, London stockbroker Finncapp, is planning to give the ultimate employee benefit starting next year.
The corporation would provide limitless vacation time, with employees required to take at least four weeks off per year, plus 'two or three days' every quarter.
Unlimited paid leave has traditionally been the domain of tech corporations in the United States, but it is slowly making its way to the United Kingdom.
Netflix - designated one of the world's finest employers by Forbes - was one of the early adopters of the concept, allowing employees to take as much vacation as they like.
Days off are not documented; it is entirely up to the discretion of each employee.
In theory, the approach should work well, but in practise, many companies have discovered that employees use less vacation days.
People who work in the office, as Rishi Sunak recently stated, are more likely to get promoted.
The pandemic has unmistakably resulted in changes in working patterns that are here to stay.
Young individuals entering the workforce have significantly different expectations than their parents.
Employer difficulties will endure, but employee problems will as well.
In the future, we will undoubtedly see more people changing careers.
They'll work for a number of companies and may experience professional gaps.
As a result, financial planning in areas like pensions and mortgages will be more vital than ever.
Remember, whether it's about your own job and financial planning – or the future careers of your children - we're always here to help.
Don't hesitate to get in touch with Future Life Wealth Management HERE or speak to Keeley in person by ringing 01246 435996.
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