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More than a quarter of workers say they’re ready to leave their current job

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Summary

According to a survey from the Boston Consulting Group, more than a quarter of employees globally don't see themselves at their current employer in the next year. Pay and hours are the top concerns, however emotional needs such as fair treatment, respect and fulfillment are also important. Managers have the most influence over these factors, and strong dissatisfaction with managers leads to a doubling of attrition risk. People are looking for a holistic package of well-being, meaningful work and customizable benefits, including flexible work options, increased communication and employee development programs. Employers can foster these needs by increasing voice and agency, skills development and the hybrid work experience, while leaders can lead with listening and giving daily feedback.

Q&As

What factors do employees prioritize when considering a new job?
When considering a new job, employees prioritize functional factors such as pay, benefits, and work/life balance, as well as emotional needs such as fair treatment, respect, job security, and enjoying work.

How can managers reduce attrition and increase motivation, job satisfaction, and feelings of inclusion?
Managers can reduce attrition and increase motivation, job satisfaction, and feelings of inclusion by upskilling and investing in true enablement to sustainably build manager skills.

What strategies can employers use to foster well-being, meaningful work, and customizable benefits for their employees?
Employers can foster well-being, meaningful work, and customizable benefits for their employees by providing flexible work options, increased communication, employee development programs, and an empathetic and emotionally intelligent environment.

What is the role of emotional intelligence in employee attraction and retention efforts?
Emotional intelligence plays an important role in employee attraction and retention efforts, as employees are looking for a holistic package of well-being, meaningful work, and customizable benefits.

How can leaders respond to employee concerns before they become major issues leading to burnout and attrition?
Leaders can respond to employee concerns before they become major issues leading to burnout and attrition by listening to employees regularly and giving daily feedback.

AI Comments

👍 This article provides great insight into the impact of emotional needs on worker retention, and how managers can help foster a more supportive and inclusive workplace.

👎 The article fails to address practical solutions for employers to help meet the emotional needs of their employees.

AI Discussion

Me: It's about how more than a quarter of workers say they're ready to leave their current job. Employees highlighted emotional aspects such as fair treatment, respect and fulfillment being top needs for any job, according to Boston Consulting Group. The survey also found that managers had the most influence over these factors, and that great managers were associated with a 72% reduction in attrition, as well as a 3.2-times increase in employee motivation, 13.9-times increase in job satisfaction and a significant increase in feelings of inclusion.

Friend: Wow, that's really interesting. It sounds like having great managers is really important in order to retain employees and keep them satisfied.

Me: Absolutely. The article also talks about how companies need to focus on emotional intelligence when it comes to employee attraction and retention. Employees want greater purpose, empowerment and connection in the workplace. So, employers need to focus on providing a holistic package of well-being, meaningful work and customizable benefits, as well as increased communication and employee development programs to keep employees engaged. Leaders also need to be more empathetic and emotionally intelligent, and practice active listening and give daily feedback to employees.

Action items

Invest in upskilling managers to better aid retention.
Foster a supportive hybrid work experience with increased voice and agency, skills development, and meaningful work.
Lead with listening and give daily feedback to employees to address minor concerns before they become major issues.

Technical terms

Attrition: The gradual reduction of a workforce due to resignations, retirements, and other factors.
Functional Needs: Needs related to the job itself, such as pay, hours, and benefits.
Emotional Needs: Needs related to the emotional aspects of the job, such as feeling respected and enjoying the job.
Upskilling: The process of teaching employees new skills or improving existing skills.
Holistic Package: A comprehensive package of benefits, such as flexible work options, increased communication, and employee development programs.
Empathetic: Showing understanding and compassion for others.
Emotionally Intelligent: The ability to understand and manage one’s own emotions and the emotions of others.
Voice and Agency: The ability to express one’s opinion and have it heard and acted upon.
Hybrid Work Experience: A combination of remote and in-person work.
Listening: Paying attention to what someone is saying.