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Common consensus is that it’s likely the initial wave was largely and simply driven by a backlog of resignations as the uncertainty during the first year of the pandemic made workers hesitant to leave their roles. The continuing high volumes of resignations, however, suggest that there’s more at play and a profound shift has occurred in how employees think and feel about the work they do, and its role in their lives.
According to a survey1 we conducted at the beginning of this year, an incredible 86% of Australia’s white-collar workforce would indeed consider a new role in 2022.
The top reasons were:
The survey also revealed:
What does this mean for employers?
With unemployment rates at their lowest in several decades, businesses across Australia are already being impacted by an acute talent shortage.
Companies who not just survive but thrive will be those who take steps to understand the reasons why their employees leave and then introduce significant measures to prevent that from happening. Importantly, companies who do this well will also have the edge over their competitors by standing out to high-quality candidates who are looking for new roles.
Mind the generation gap
The data showed a clear gap between how different generations are feeling about their jobs. Baby Boomers are the most likely to stay in their jobs for the next 12 months (33%), while Gen X are the most concerned about feeling undervalued (27%). Keeping Millennials in your workforce will mean focusing more on team cultural activities (19%) and paid parental leave (19%).
There is also a divide between the type of roles people hold and why they would leave their company. Non-managerial staff were much more likely to leave because of feeling undervalued (36%) and more than twice as likely as senior managers to feel that their career progression has slowed down (61% compared to 28%). Senior managers were more likely to leave due to a desire to move into a new field (39%) or start their own business (32%).
There’s no doubt that the current market is causing many challenges for businesses in attracting and retaining their workforce. Those who have the competitive advantage, however, will be those who face the challenges head on and take proactive measures.
At Compono we’ve always believed that an organisation’s sustained competitive advantage will always be their people - and our technology solutions have been built to help companies optimise how they hire, develop and engage their team.
Contact us if you’re interested in finding out more.
1Research: Survey of 1,016 white collar professionals in Australia, conducted January 2022 by Compono in partnership with YouGov.
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" This approach has improved the quality of candidates interviewed and enabled us to look beyond our industry to find great candidates who have transferable skills and fit right in. "