Recent research from management consultancy firm McKinsey & Company has revealed that 40% of workers globally are considering to leave their jobs in the near future. Whilst there is ample evidence that workforce discontent is a global phenomenon, certain markets have seen their situation deteriorate.
Singapore was one such region where levels of employee discontent has risen recently with half (49%) of the workforce indicating that they might leave their current role. However, the highest percentage of dissatisfied employees worldwide is in India where 66% say they might leave. Respondents in the UK, US and Canada were the least at risk of attrition.
The report, The Great Attrition, noted that of those respondents who had left their role in the past two years, only 35% took on a new role in the same industry. The finance and insurance sector has been particularly hard hit with two-thirds of workers changing industries or not returning to the workforce. The talent exodus was even greater in the public and social sector (72%).
To navigate this new talent playing field, hiring managers should look beyond the current imbalance in labour supply and demand and consider what different segments of workers want and how to best engage them suggests the report.
Employers should aim to understand common themes that reveal what people most value or dislike about a job such as a bad boss or an attractive salary. Yet, the report notes that uncaring and uninspiring leaders are a big part of why people left their jobs along with a lack of career development. On the other hand, flexibility was cited as a top reason for staying.
Paul Arkwright
Publisher
