Much has been written about the ‘Great Resignation’, which is reflected in so many conversations we at Predixa are having with our clients.
But this is now evolving into the ‘Great Discontent’, as organisations struggle not just to keep their existing workforce motivated, but also find it harder to attract candidates to fill vacancies. Although one of the key goals of organisations is to attract and retain talent, Gallup estimate that the cost of disengagement and discontent - such as high staff turnover, low productivity and low morale - can come to about 18% of salary costs.
Recent research from the US, interviewed 750 people in various stages of employment and unemployment, summarised in 4 major themes to ‘stop the rot’, whereby over 70% stated that they were either actively or passively looking for work: https://get.workable.com/the-great-discontent-2021-worker-survey-us
Salary and Benefits:
With so many vacancies available, money still talks. Around 63% of respondents cited better compensation packages and associated benefits as the reason why they are both looking for something new, and that these factors would strongly influence their final decision.
Support flexible working arrangements:
Whilst many of us enjoy the social interaction of the workplace, WFH proved that we could efficiently integrate personal and professional lives without loss of productivity. Flexible working as a permanent policy was cited by nearly 60% (with a greater proportion of women) as being highly valued in their job decision criteria.
Building strong professional relationships:
37% cited the opportunity to work in a strong, collaborative team as the most significant reason for considering a new position. The absence of such an approach in existing corporate cultures was also cited by over 30% as a major cause for discontent and an area for improvement.
Consider the needs of those under 30:
The pandemic provided many with the opportunity to pause for thought. The result is, that organisations need to recognise the changing needs of their workforce and adapt the culture accordingly. Accept they can’t go back to ‘business as usual’ if they are going to keep their star performers and remain competitive.
How has your organisation changed to keep you from leaving?