Reference: International September 2021 Survey conducted by MCKinsey & Company
" Employers cannot transform what they do not understand"
A record breaking amount of employees are either quitting or thinking of quitting their jobs, do organizations truly comprehend " WHY"?
Organizations are struggling to resolve this problem, and many will continue to struggle for one simple reason : Firstly, they do not understand " Why" their employees are leaving in the first place. The do not take the time to fully investigate the real causes of this great "Attrition". Even though they have good intentions they opt for quick and easy solutions that do not address the true root and causes of the problem. As an example: offer wage increases, more benefits, or thank you bonuses, without putting in the necessary efforts to solidify and improve interrelationships between employees, colleagues and employers.
As a result, instead of feeling appreciated, employees feel that they are stuck in a " transactional" relationship. This way of doing, simply reminds them that their true needs are not met and most of all, not understood.What have we learned from this pandemic?
One thing that we have learned during these past 18 months, is that employees need and most of all are searching for "human" values in their workplace. Employees are tired and a lot of them are grieving. They are looking for purpose and meaning in their work. They hunger for social and interpersonal connections with their colleagues and leaders. These people need to feel that they are working towards common goals, and that they are one with their team members. Yes employees want a decent salary, good benefits, fair and adequate awards or perks, but most of all, employees need to feel valued and appreciated by their leaders as well as the Company for whom they work. They are looking for significant interactions that have meaning and that are not only " transactional".Not understanding the "true" reasons and the " Why" employees are leaving, as well as "Where" they are headed, organizations put themselves in a very vulnerable and risky position.
Organizations know that most employers are reacting the same way, by not investing enough in creating a more satisfying employee experience, by not taking the time to understand their employees needs for more autonomy and flexibility in their work environment. Therefore their team players chose to deliberately remove themselves from these traditional full time positions.This great " Attrition" will not only persist but is bound to accelerate!
As discovered by McKinsey during their recent studies and surveys that were conducted in Australia, Canada, Singapore, United Kingdom and the United States, the nature and the characteristics that have contributed to this great " Attrition", is not only global, but will continue to persist and is accelerating.
After many good efforts, organizations don not truly comprehend what is going on. They therefore are making bad decisions and are putting into place quick but ineffective attraction strategies based on faulty assumptions.Most employers are presently experiencing a greater overhead turnover, and 64% of employers expect voluntary turnover to remain elevated or to possibly increase.
53% of employers have confirmed a greater voluntary turnover compared to last year.64% of employees who quit received better job offers.36% quit their jobs without having a new job in hand.40% of employees stated that they are at least somewhat likely to leave their current job in the next 3 to 6 months.
It is not necessary to continue on this path which is headed "nowhere". If organizations all work together in a concerted effort to better understand "Why" employees are leaving, and take meaningful significant actions to augment and improve their employee retention, the great " Attrition" could be transformed in to the great " Attraction".
By seizing this unique moment, companies could gain an edge in the race to attract, develop and retain the talent they need to create a thriving, prosperous, profitable, and successful post pandemic organization.