Despite talk of an impending recession, companies are still scrambling to retain talent. According to the latest numbers from the Bureau of Labor Statistics (BLS), there were 11.3 million open jobs on the market in May, up from 9.6 million the year before. This isn’t just a resurgence due to a sluggish job market during the pandemic: The quit rate is 25% higher than it was pre-pandemic, according to the BLS.
McKinsey & Company has released a new report that surveyed over 13,000 employees in six different countries, delving into what employees want from their jobs. Here are the key takeaways:
Employers should amp up their efforts to retain and attract talent. The study found that 40% of employees are planning to leave their job in the next three to six months. Moreover, of employees who had left, only 35% found a job in the same industry, making the scramble for talent all the greater.
Industries with the highest percentage of workers either not returning to the same industry or leaving the workforce altogether include consumer/retail (76%), the public and nonprofit sectors (72%), finance and insurance (65%), and industrials (64%).
The top three reasons employees quit their job were lack of career development and advancement (41%), low pay (36%), and uncaring/uninspiring leadership (34%).
The top three reasons employees tended to stay at a job were flexibility (40%), meaningful work (38 to 39%), and adequate support for health and well-being (30%).
McKinsey’s survey was carried out from mid-February to early April of this year. It included workers in 16 different industries. You can check out the full results here.
