Employees and employers alike are suffering buyer's remorse in the wake of the great resignation.

The frenzy of change which accompanied the post-pandemic hiring boom, where employees chose change en masse, has brought with it a wave of regret. According to the UK Creative Industry Census 2023 from Major Players those big moves which dominated the industry headlines have been accompanied with equally large regrets. 

According to the UK Creative Industries Census 2023, based on data collected from 3301 professionals across the creative industries, almost half (46%) of businesses regretted some of the hires during this period. It’s not just a hirer’s remorse, amongst those candidates who moved roles many have replaced their great resignation with great regret. Almost three quarters of employees (72%) reported surprise or regret that their new role or company was ‘very different’ from what they were led to believe.

Yet this regret should not be mistaken for a return to business as usual. In 2023 66% of creative businesses intend to hire. A statistic which means making glib statements that the ‘grass is not always greener’ is not a substitute for proper investment in staff retention. 

Joanne Lucy, Managing Director at Major Players, explains: “The post-pandemic recovery saw many businesses hire aggressively and base their decision making on the high-volume workload they had. This resulted in almost half of businesses expressing regret in some of the hires made during this period, and therefore are now more cautious in their talent acquisition strategies.”

The great recalibration and salary matters

The research underlines a range of important trends for attracting and retaining talent, yet in the midst of a cost of living crisis, it is important to recognise that salaries and day rates are considered the most important factor for job seekers. Job security is also a priority as candidates approach the market with trepidation. 

Employees are focusing on how they can re-energise their current roles, through upskilling, reselling and learning and development opportunities. The shift follows the growing adoption of the ‘Squiggly Career’ first trail blazed by Helen Tupper and Sarah Ellis. 

Notably almost three-quarters of respondents (74%) Learning and Development was a key factor when considering their current role or their next career move. In addition, a recent LinkedIn survey revealed that 93% of employees are willing to stay with a business for a longer period if it invests in their learning and growth. 

The Employee expectation gap

The research underlined the gaping void between creative companies’ press releases to announce new hybrid working structures and employee experience. This ‘say do’ gap underlines the friction points that accompany this once in a generation opportunity to rework the workplace for the better.

“One of the biggest challenges ahead is the disparity between how employers juggle market challenges, productivity, performance and employee expectations; particularly around the role of the office and hybrid working,” explains Major Player’s Joanne Lucy.

The survey revealed that over half (51%) of respondents are currently hybrid with fixed hours or fixed days. However, only 18% preferred this way of working; with almost two-thirds wanting a fully flexible workplace policy.

This power balance struggle is one of the key trends identified, most workers (61%) want to work a fully flexible policy. While 98% of respondents stated that flexibility is one of the most important factors when considering new roles. 

This mismatch between what employers and employees want is leading to friction points. Particularly as recruitment consultants report that top talent expects to maintain their existing flexible working structures when they move organisations. Despite this challenge, there are positive signs within this friction. Notably, the trial of the 4-day working week amongst 61 companies in the UK has been a success. 56 companies have extended this pilot scheme, while 18 have made it permanent.  

Diversity fatigue

The data underlines that talking about diversity is not a substitute for meaningful change in creative, digital and marketing. The data shows the gender pay gap has increased over the last 12 months. Black females continue to earn the least at £46,047, while white males earn the most at £64,560

Females earn on average £9,618 less than men in permanent roles. This represents a pay gap of 15.1%. A gender pay gap which is much more than the UK average of 9.4% reported by the Guardian. In freelance day rates females earn £25 less a day than their male counterparts.

Major Players have long campaigned for fair pay, urging employees and employers not to disclose or ask for existing salary data as part of the negotiation process in new roles. The recruiter is calling on all employers to sign up to the #EarnYourWorth pledge to make salary disclosure a thing of the past. The campaign also calls on individuals to sign a petition to call on the UK government to make legislative changes around salary history. 

Data also underlined that those who identify with having a disability or neurodivergence are on average paid 9% less in annual salaries and 7% in day rates.

“Overall, there has been very little progression within DE&I in the creative industries, and whilst representation and pay gaps have improved for some, they have regressed for most. There is concern that businesses will reduce investment because of the downturn, which could end up stagnating progression, or reversing it altogether,” warned Major Player’s Lucy.

The creative industry’s ageism problem

The data also underlined that despite all the hand ringing about the talent crisis, the creative industry is still failing to capitalise on the wisdom of employees aged over 45. Just 1 in 10 in the creative industries are aged over 45: a statistic which has remained the same for the last 3 years. 

There is a particular pinch point when it comes to women in the midlife of their creative careers. The research shows that older talent is turning to freelancing, a shift which is disproportionately impacting women. 

Over 90% of females aged over 35 state that flexibility is important to them. According to a study from What Women Want, a quarter of women have reduced their hours to care for a child, while one in five have been prevented from working more, despite wanting to. 

Pregnant Then Screwed further highlights that 76% of mothers who pay for childcare say it does not make financial sense for them to work. Statistics that underline the empathy gap in an industry which continues to centre the debate on the future of work on how many days of the week people come to the office; rather than if they can access that office in the first place.

Yet if cynicism is the enemy of creativity, Major Player’s research underlines a genuine desire to build back better. With 75% of respondents staying that purpose was an important factor when considering their next career move. Meanwhile 77% value progressive policies (ahead of Bonus at 60%) as an employee benefit. With employees valuing inclusive benefits and businesses which put all people first, investing in progressive change remains crucial even in the midst of a volatile market. Far from signalling a ‘ceasefire’ in that much reported ‘war for talent’ the ‘great regret’ underlines that employee expectations have fundamentally shifted. Top talent is increasingly seeking out progressive policies and flexible workplaces and those companies which drag their heels will continue to lose the talent they need to not just survive, but thrive.