Why 40% of workers want to leave their job :JLL
People were opting to leave their employment at the quickest rate on record prior to the pandemic, usually for higher income and promotions. During the previous year, the pace slowed due to uncertainties. People are once again itching to make a difference, with vaccination rates climbing and evidence of economic improvement.
In the Work Trend Index, a global study of more than 30,000 people in 31 countries, more than 40% of respondents stated they want to leave their current workplace in 2021.
According to Peter Miscovich, Managing Director, Strategy + Innovation, Consulting, JLL, “companies are expecting a turnover tsunami.”
What measures are companies making to retain employees as they compete for talent?
Read on to hear from three JLL Work Dynamics specialists as they discuss careers, burnout, technology, and what's ahead.
To begin, why are people looking for new jobs in the first place?
PM Peter Miscovich: Many people nowadays are concerned about their long-term professional development and advancement. Many people are looking to improve their skills and capacities in order to prepare for future career shifts. Others, having experienced the benefits of remote and flexible work, want more flexibility in the long run. Then there are others who desire a strong connection to the company's mission and values — people looking for corporate cultures that are more closely aligned with their actual values.
JLL's Julie Wilkinson (JW) is the Global Product Owner for Workplace Experience. I'd also like to bring out that there is frequently a misalignment between people's career goals and their day jobs. They can think and decide how to correct their trajectory once they have a minute to breathe. The epidemic was that extended period of time when you could take a deep breath.
So it's not simply people looking for a new job. Is it about a job change?
JW: From what I've seen in my work, many people are looking for a full new career, not simply a new employer. It's a situation of, "After working as a project manager, I want to go to nursing school."
The pandemic was stressful, and many people are exhausted as a result. They are even willing to take a pay reduction in exchange for more balance in their life.
How much of this is due to a new set of values that people have come to expect?
PM: A significant portion of this movement is due to a shift in people's values. We identified three critical attributes that leadership teams within firms must show to attract and retain talent during a recent client executive leadership training. They are trust, empathy, and humility. Many people will hunt for these attributes in other organisations if their leaders do not represent these important traits. Enlightened leadership that exemplifies these essential traits will provide better "empathic trust."
JW: There are also generational differences to consider. When teams are placed in positions with a lot of bureaucracy, it instantly turns Millennials and Generation Z off, which is the generation most likely to be looking for a new job. These generations have struggled to network or even get a word in during video meetings while working from home. Part of this is due to their need for the type of mentorship that comes from sitting next to someone.
Ram Srinivasan, JLL Consulting Managing Director (RS): Younger generations in the workforce are likewise more concerned with a company's mission. In a recent poll of 4,000 managers and executives, 72 percent stated that working for a company with a mission they believe in is very important to them, yet only 49 percent said they believe in their business's purpose. Only 36% stated they have faith in their organization's capacity to achieve its goals.
This "purpose gap" shows that leaders need to build greater credibility around purpose in order to keep the employees who care most about it.
RS: Leadership can do a lot to bridge the purpose divide, and we've been advising on it more than ever before. Organizations must provide the conditions for collective ambition to flourish and a shared sense of purpose to emerge. Leaders must communicate and implement policies that indicate their trustworthiness. And businesses give people the tools they need to be successful no matter where they work. After all, work is something you do, not something you go to.
PM: Companies that prioritise talent will attract and retain employees by offering health and wellness perks in addition to traditional benefits like paid time off and retirement plans. Companies that can completely support and enable their employees will attract the top employees. Leaders who can say to employees, "I want you to be the best employee and person you can be – and as an organisation, we're going to assist you from start to finish, with flexible hours, wonderful benefits, professional learning/training, and so on." Organizations and executives who take a more humanistic approach to enabling and fulfilling the "whole person" will most likely win big in future "talent wars."
JW: I also believe that building a culture that encourages taking breaks is critical for firms combating burnout. When your firm provides programmes and resources that promote well-being, it removes the "guilt" associated with scheduling time during the day to meditate or stretch.
RS: I think that breaks are essential. Back-to-back meetings, especially when done electronically, can be exhausting. Brain scans of persons in back-to-back sessions with people in meetings with pauses were recently compared. The disparity is enormous.
What can organisations do to keep employees who are leaving because they don't see a clear path to advancement?
PM: Businesses must seek new and imaginative ways to assist individuals in upskilling and reskilling. It's critical that employees believe they have a clear path forward in terms of promotion, advancement, and remuneration. Many people are concerned about their financial security, and there is growing dissatisfaction among employees due to a lack of corporate financial support. This shows that many businesses are not doing enough to ensure that their employees are financially secure. Companies must give employees with a clear way forward in order for them to buy a home, educate their children, and financially support their families, which is much more difficult for today's youth than it was in the past.
Last but not least, how important is the physical workplace in keeping and attracting talent?
RS: Companies must ensure that in-office, hybrid, and remote workers all have the same experience. It must be a frictionless experience. One of our clients, for example, mentioned the difference between Sunday and Monday. You're at home on a Sunday, watching Netflix and easily switching between devices. On Monday, you arrive at work and discover that you are unable to connect your laptop to a projector. Will those in the conference room have better dialogues if we consider a hybrid meeting with folks in the office participating with those working remotely? Will those who work from home start to feel FOMO? Companies will require their technology to be seamless across hybrid work environments to attract and retain top talent, levelling the playing field for employees.