Despite talk of an impending recession, companies are still scrambling to retain talent. according to the latest data Bureau of Labor Statistics (BLS)There were 11.3 million open jobs in the market in May, up from 9.6 million a year ago. It’s not just a resurgence caused by a sluggish job market during the pandemic: According to the BLS, the quit rate is 25% higher than pre-pandemic.
McKinsey & Company has released new report Which surveyed more than 13,000 employees in six different countries, revealing what employees want from their jobs. Here are the major takeaways:
- Employers should intensify their efforts to retain and attract talent. The study found that 40% of employees are planning to quit their jobs in the next three to six months. Furthermore, of the workers who left, only 35% found jobs in the same industry, making the scramble for talent even greater.
- Industries with the highest percentage of workers either not returning to the same industry or leaving the workforce entirely include consumer/retail (76%), public and non-profit sectors (72%), finance and insurance (65 %), and industry (64). ,
- The top three reasons why employees left jobs were lack of career growth and advancement (41%), low pay (36%), and reckless/indifferent leadership (34%).
- The top three reasons why employees stayed on the job were flexibility (40%), meaningful work (38 to 39%), and adequate support for health and well-being (30%).
McKinsey’s survey was conducted from mid-February to early April this year. It included workers from 16 different industries. You can see the full result Here,