‘Great Resignation’: Most senior leaders in India plan to quit in next two years
Modifications in work-style models and policies across organisations do not seem to have generated much positive sentiment in the Indian market, with the overall feedback of the employees, including at higher levels, still showing the situation remains far from their expectations. And then, the pandemic-era phenomenon, known as the Great Resignation, shows no signs of abating.
According to a new report released by KellyOCG, the outsourcing and consulting business of Kelly, senior executives plan to leave their organisations in the next two years.
While 79% believe that their organisation is successful in providing a competitive remuneration and benefits package, only 39% plan to stay with their current employer for at least two years, says the 2022 KellyOCG Global Workforce Report – Re:work, which uncovers the startling disconnect between evolving employee expectations and the support firms provide.
The report also spotlights the actions that an elite group of companies, the Vanguards, are taking to attract and retain the talent they need to grow their business.
A follow-up to the 2021 report, Next-level Agility: The Four Dynamics of a Resilient Workforce, it identifies the greatest talent challenges and risks facing organisations as they emerge from the pandemic. It also explores how companies are transforming across four critical dynamics of success: workforce agility; diversity, equity, and inclusion (DEI); employee experience; and adoption of tools and technologies.
KellyOCG surveyed 1,000 senior executives, 20% of whom are in C-suite or board member roles, across 12 countries – Australia, Canada, China, Germany, India, Ireland, Japan, Malaysia, Singapore, Switzerland, the United Kingdom and the United States – and 10 industries.
In India, the key findings include:
Hybrid work-model faces multiple challenges
While 45% say that their employer promotes flexibility (flexible work hours, hybrid office and remote working), on the other hand, 54% state that within their organisation, in-office employees are perceived as higher performers than remote/hybrid employees.
While as many as 90% believe that their organisation regularly experiments with new ways of working to see if they improve the employee experience, only 49% believe that their organisation has a definitive plan for whether, when, and how to return employees to the physical workplace.
Firms not going far/fast enough to achieve DEI, support employees’ mental health
While 54% say that their firms have open conversations or forums where senior management discuss issues around DEI with employees, only 42% state that advocacy or employee resource groups across the organisation focusing on issues faced by specific groups of employees (such as representation, mental health, discrimination, etc.) are active.
Hiring contingent talent one of the biggest talent barriers for firms today
More than one in three leaders say their firms struggle to hire the contingent talent they need to remain agile in today’s economy.
Nearly half, (48%) say that their organisation plans to increase their use of contingent talent by at least 25% in the next five years, but only 24% say that they use contingent talent to enhance the workforce with specialist skills and infuse ideation and innovation into the organisation.
Firms lagging on adopting right tools/technologies to develop their workforce
Only 57% have data analytics tools that enable them to capture trends around employee retention and productivity – yet 87% of firms who have adopted such technologies say they have been positively received by employees.
“Our research signals there is significant talent demand for a life-work shift. Even senior leaders are experiencing it and acknowledge that employers could be doing more,” said Tammy Browning, President of KellyOCG.
“A shift in workplace culture is needed and organisations must evolve to remain competitive, profitable, and attractive to top talent. Organisations that aren’t taking action across the four dynamics will continue to see employees at all levels walk out the door.”
Peter Hamilton, Vice President and Managing Director, APAC, at KellyOCG said, “India is going through an uncertain period of time with regards to work model implementation and constant changes. Organisations are lining up to acquire the best talent available and add to their workforce but there are various challenges they face.
"Post pandemic, many employees have been planning to move jobs or switch roles in their teams, and that makes retention and nurturing of current talent critical. There have been some positive developments in terms of work-style flexibility, and it is very important that firms continue to invest in technology and holistic development of employees to ensure that they do not drop out."