McKinsey suggests that two out of five employees are considering leaving their jobs within the next three to six months. Says a global sample of 13,000 workers in six countries across 16 industries.
As if the current struggle for companies and industries around the world to find staff was not enough.
Imagine that 40% of your own team will leave before the end of 2022. Then what?
McKinsey reports that the obvious discontent, or change of personal and career priorities, is a global phenomenon. The situation has hit the fan with full force in certain markets.
In India, more than 60 percent of respondents expressed a desire to leave their current posts, well above their counterparts in Australia, Canada, the United Kingdom, and the United States. Workers in Singapore showed the second-highest level of job discontent, at 49 percent.
How to get McKinsey’s report
People keep quitting at record levels, yet companies are still trying to attract and retain them in the same old ways. New research identifies five types of workers that employers can reach to fill jobs.
Scroll down to the end and get the website link to McKinsey’s excellent research.
The Great Attrition is making hiring harder. Are you searching the right talent pools? July 13, 2022 | Article link at the end of the blog
Among many subjects in the research, from analysis to advice, check out these important questions and answers:
- New trends make the employment picture more complex
- Five types of personas: A new way to target the employee value proposition
- The common themes what people most value, or most dislike, about a job
- Organizations have to focus on the right employee pools
What is the Great Resignation?
The term “Great Resignation” was coined by Anthony Klotz, a professor of management at University College London’s School of Management, in May 2021, when he predicted a sustained mass exodus.
As so often in history, a shortcut to fame in the business world is to offer “old wine in a new bottle” – meaning offering an existing concept as though it were a new one.
Don’t be fooled, the following is all “old wine in new bottles”. Same same but not different.
- The Great Resignation
- The Great Attrition
- The Great Renegotiation
- The Great Quit
- The Great Reshuffling
- The Great Attraction
CEO and CHRO must do the following
According to the US Bureau of Labor Statistics, the median tenure at a job for baby boomers (58 to 76 years old.) is almost ten years. Yet, the millennial generation (25 to 40) only stays at their jobs for 2.8 years.
Some research even suggests that today’s college graduates will have a dozen or more jobs by the time they hit their 30s. And these days it has become socially acceptable and more the norm than not.
Two major questions the CEO and CHRO must ask themselves:
Question 1: So, how are you going to manage a company where millennials are most of the workforce and even moving into management positions?
It’s a generation that will change jobs more often than we have seen before.
Question 2: What is your Employee Value Proposition? Is it attracting the right talent to your organization?
The EVP is like what salespeople call USP (unique selling point); a marketing statement that differentiates a brand from its competitors.
Read the insightful and excellent McKinsey report
The Great Attrition is making hiring harder. Are you searching the right talent pools? July 13, 2022 | Read Article Here.