Our latest Talent Index survey reveals that workers are still restless… and it’s clear that, without a talent-first approach, businesses are at risk of losing their top talent more quickly than they can fill open roles. People are (still) on the hunt for a new job
Consistent with findings from every previous edition of the Talent Index, 53% of people we surveyed said they were considering leaving, or were leaving, their job in the next 12 months. This percentage has hardly changed since May 2021.
- 14% said they had already found a new opportunity
- 23% said they were actively looking for a new role
- 17% said they were looking to change jobs later in the year.
Those in the energy sector were the most likely to say that they already had another opportunity and were leaving their job in the next 12 months – those in pharma and professional services were least likely.
Why are people planning to quit?
Of those who said they were considering leaving, the top reasons for doing so are: Better pay at other place(s) of interest (30%); lack of salary increases (28%) and poor management (27%).
Similar themes emerge when we look at the ‘pull factors’ for new jobs. 25% of those who joined a new company in the last 12 months said they did so for increased salary or better benefits. 18% said they made the move due to flexible/hybrid working models, and 17% said for opportunities to upskill/training and development.
Convincing people to stay
When we asked for the top 5 things that would help people remain at their current company, money was front of mind.
- 50% mentioned increased salary
- 38% referenced work perks/benefits.
- 32% said their employer could pay for the cost of living increases that they are currently facing.
What we might call “work/life balance” was also high on the agenda: 34% mentioned increased work flexibility and 26% mentioned more paid time off.
Confidence levels are high
Over two thirds (69%) of people we surveyed said they would be confident that they would be able to find a new job in the current environment.
- 29% said they would be “very confident”, as they would expect to find one within 3 months.
- 41% said “confident”: they would expect to secure one within 6 months.
The remaining 20% said they would not be confident, and that it would take them longer than 6 months to find a new role.
55% of respondents told us it would be “likely” they would look for other roles at other companies, in the event of an economic recession.
The draw of higher salaries
We know that the average salary increase for those switching jobs is around 8% (in the US), with salary budgets increasing across the markets we surveyed.
In our survey, 69% of workers said they would most likely accept a job offer based on securing higher pay… even if there were no other apparent benefits.
People in Australia were the most likely to say this (73%), vs 70% from the UK and 64% from the USA.
Retaining top talent
So what can employers do to stop this attrition? 80% of respondents said they would be likely to stay in their current organization if they had more opportunities for internal moves, or were trained appropriately to move into a new role within the business. Our study with Aptitude Research showed that 78% of companies have lost talent due to a lack of career development opportunities.
Without a robust, skills-based approach to talent management, you are likely going to lose top talent to the competition. To stop attrition and keep top talent on side, it is imperative that businesses make employees feel valued: and consider how they will develop them for internal vacancies, and make the process for internal recruitment better.
We recommend looking at talent through the lens of skills: matching internal roles and gigs with ideal candidates based on the skills that they are bringing, or could bring, to the table. Gathering data on the abilities of your workforce, alongside identifying the skills gaps you face as an organization, is a strong foundation from which to build an effective talent mobility program.