Michael Page, a jobs and recruitment agency has reported that 86% of employees plan to resign in the next six months.
Great Resignation To Intensify
The agency predicts this trend to continue in 2022 across markets, industries, degrees of seniority, and age groups.
It has warned that the mass exit will intensify, with ” the clear majority indicating a major talent migration event is upon us in the coming months.”
There is a lot of uncertainty over the right worl model to adopt, such as hybrid, working from home, etc.
Aside from that, Covid-related regulations also cause employee dissatisfaction.
However, this hasn’t been as common a cause for resignation as one might have anticipated.
Only 11% of persons who have resigned or plan to resign cite this as the cause for their departure.
Some primary reasons cited are career progression, higher pay, a role change, and job happiness.
Salaries, incentives, and rewards are the obvious motivators for candidates, but employers overestimate the importance candidates place on them by 29%.
A company’s brand is also not as important to candidates as employers believe.
Employers overestimate the importance of a company’s brand to candidates by 110 percent.
What Employees Want, What They Are Willing To Give Up
The report says that the surge in resignations is happening mainly because people are looking for the “right job at the right company with the right values and culture.”
They are also willing to sacrifice a few things if it means a better work life balance and overall well-being.
Almost 61% of employees in India would rather accept a lower salary and even forgo a pay rise and/or promotion if it means better work-life balance, overall well-being, and happiness.
Indians The Unhappiest
Indians have been found to lead among countries surveyed where employees are planning to quit their current jobs.
It is followed by Indonesia, Philippines, Malaysia, Thailand and Southeast Asia.
Employees in the public sector are more willing to quit in comparison to the private sector.
This is followed by energy and natural resources, manufacturing, travel/tourism, retail and all industries.