By | Jane Thier | sg.finance.yahoo.com
Despite a lot of recession fears, it doesn’t seem like the Great Resignation will be slowing anytime soon. Another 4.3 million workers quit their jobs in May—and a new McKinsey report suggests that 40% of the workforce are still very unhappy with their jobs and looking for new opportunities. This is bad news for hiring managers.
“This isn’t just a passing trend, or a pandemic-related change to the labor market,” Bonnie Dowling, one of the report’s authors, told CNBC. “There’s been a fundamental shift in workers’ mentality, and their willingness to prioritize other things in their life beyond whatever job they hold.”
But it isn’t just the desire for remote work or higher pay that’s driving workers to look for new roles. In the McKinsey report, which surveyed more than 12,000 individuals in the U.S., Canada, U.K., Australia, India, and Singapore, 41% said that the lack of opportunity for upward mobility was the number-one reason why they left.
Workers are “increasingly moving to companies that give them both fair terms today and the chance to add experience that will better their prospects in the future,” Bill Schaninger, leader of McKinsey’s people and operational performance practice, and Anu Madgavkar, partner at the McKinsey Global Institute, wrote in Fortune last month. “The way for employers to attract a flow of new talent and stem the drain of attrition is to deliver on both fronts.”
The other reasons workers gave for leaving a job were uninspiring or uncaring leaders, followed by lack of meaningful work, unsustainable work expectations, lack of support, and lack of flexibility.
“[P]lenty of employees say that they see no room for professional or personal growth, believe that there is better money to be made elsewhere, and think that leaders don’t care enough about them—tried-and-true reasons for disgruntlement, to be sure, but ones that are now being acted upon broadly,” the report authors wrote.