Approximately 28% of workers worldwide are contemplating a job change, foreseeing themselves not remaining with their current employers within a year.
This insight comes from a recent report by the Boston Consulting Group (BCG), encompassing individuals actively seeking new opportunities and those open to the idea of a switch.
The report emphasises the increasing importance for employers to prioritise understanding their employees' needs. Understanding what truly matters to employees has become a critical factor in retaining talent, according to the report.
In India, the challenge is particularly pronounced, with 26% of surveyed employees considering leaving their current jobs by the following year, aligning with the global trend identified in the study.
BCG's comprehensive employee satisfaction survey involved 11,000 employees across eight countries, evaluating over 20 distinct needs. These needs ranged from functional aspects like pay, hours, and benefits to emotional considerations such as feeling valued, supported, and finding fulfilment in their work.
While the study found that functional factors like pay and benefits are primary motivators for seeking new roles, emotional needs also play a significant role. Workplace respect, fairness, job security, and enjoying the work itself emerged as influential emotional factors that impact job decisions.
Neetu Chitkara, MD and Partner at BCG India, highlighted the urgency for employers globally to strike a balance between addressing functional and emotional drivers. She emphasised the need to focus on factors like workplace respect, fairness, and recognition.
Managers emerged as a pivotal factor in meeting employees' emotional needs. The report suggests that great managers can significantly reduce attrition rates, with a staggering 72% reduction when comparing highly satisfied employees with their managers to those who are not.
Moreover, dissatisfaction with managers was found to double the risk of attrition, significantly impacting employee retention rates.
Aside from managers, three additional influential factors were identified: supportive leaders, access to resources, and equal opportunity regardless of background. When combined with effective management, addressing these factors collectively could reduce the risk of attrition from the global average of 28% to as low as 9%.