Feeling like quitting your job?
you’re not alone. More than 15 million American workers have quit their jobs since April, and 40% of employees surveyed in the US, Australia, Canada, Singapore and the United Kingdom say they will “to some extent” in the next three to six months. There is a possibility of leaving the job. says a new report.
McKinsey & Co. The report does not bode well for scores of employers who are scrambling to fill all their job openings amid a fragmented COVID-19 economy.
And it gets worse.
The report – which surveyed 5,774 people of working age – also shows that 64% of those considering quitting say they would do so without another job.
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So, what is prompting these people to jump ship?
Compensation is a factor, but contrary to what most companies believe, it is not the main reason people are considering leaving. McKinsey’s findings show that the majority of employees do not feel valued by their manager (54%) or the organization (52%) or feel like they are there (51%) as their primary reasons for leaving.
The survey noted that many companies are raising salaries or offering bonuses without making any effort to strengthen people’s relationships with their partners and employers. So, instead of feeling appreciated by employees, they sense a transaction, which reminds them that their real needs are not being met.
“They want to feel a sense of shared identity,” the report said. “They want to feel valued by their organizations and managers.”
Who is most likely to quit?
The McKinsey report shows that 47% of people working in leisure and hospitality are “somewhat likely” to leave their jobs in the next three to six months. It was followed by others employed in manufacturing (43%), white-collar jobs (41%), trade, transportation and utilities (38%), health and social assistance (36%) and education (32%).
Bonnie Dowling, associate partner at McKinsey, co-author of the report, said: “The leisure and hospitality sectors have a particularly large frontline component of their workforce where churn is generally higher than in other industries, so this trend is alarming. Not there.”
He said industry workers have lamented the long unforgiving hours, heavy work schedules, low wages, over-reliance on tips and lack of benefits.
Dowling said the situation has worsened amid repeated on/off cycles of pandemic-related layoffs, increased virus levels at work and business closures during the health crisis.
“These businesses, like other sectors, have to show current and future employees that they value them, or have employees make it clear that they will find another business that will,” she said.
Remote work stats in the mix
The report noted that the COVID-19 pandemic has increased the opportunities for short-term work from home in many companies, and has led to a spurt in workforce as workers leave inflexible working conditions for others. which allow some level of remote working, the report said.
McKinsey said employers competing in today’s hybrid workplace would do well to provide at least some opportunities for remote work.
Leslie Tarnaki, senior vice president of global human resources at Workforce Software, said today’s job seekers are not settling for any open opportunities.
“Today’s candidates know that they have a lot of options at their fingertips when they are ready to get a job, and they are taking a wait-and-see approach to finding something that will suit the job they are looking for. checks the box for that,” she said.
“Leaving a job without another offer isn’t as risky as staying in a job where you feel dissatisfied, unsatisfied and it’s hurting your health,” she said. “And with the existing vendors’ market for talent today, it’s hard to imagine that finding work for skilled workers will be a challenge when they are ready to return.”