Earlier this year, declarations of the end of the "Great Resignation" may have been premature, as new survey data from Boston Consulting Group (BCG) indicates that attrition concerns persist. Recently, BCG surveyed over 11,000 employees across eight countries, revealing that 28% of workers do not envision remaining with their current employer in the coming year.
While factors like pay, benefits, and work-life balance remain primary reasons for changing jobs, the survey underscores the significant impact of emotional considerations on employees' decisions to stay or leave. Emotional needs such as fair treatment, respect, job security, and job enjoyment ranked among the top five preferences for employees. For those considering leaving their jobs, these emotional factors took precedence over functional aspects like pay.
Debbie Lovich, head of people strategy at BCG, emphasizes the importance of addressing emotional concerns to prevent attrition, citing instances where feeling undervalued or mistreated becomes a catalyst for job changes. The report identifies managers as the "most powerful lever" for meeting employees' emotional needs. Dissatisfaction with a manager is strongly correlated with a higher likelihood of employees wanting to leave their employer.
To tackle this challenge, Lovich recommends a focus on creating great managers through on-the-job coaching and encouraging leadership development. Managers should be equipped to guide employees through problem-solving instead of merely providing answers. The report stresses the role of operations, in collaboration with HR, in consistently fostering strong managerial practices.
As the job market continues to evolve, employers must recognize the nuanced factors influencing employee decisions. Paying attention to emotional aspects and cultivating effective managers emerge as crucial strategies for retaining talent and fostering a positive work environment.
