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jobs: More professionals could quit their jobs in next six months, says new survey

jobs: More professionals could quit their jobs in next six months, says new survey

The Great Resignation is likely to intensify in 2022, with 86% of Indian professionals who took part in a recent survey expressing an intent to quit their current jobs within the next six months. The pandemic has made people review their work and lives more holistically, and they are now looking for more purpose and better work-life balance, according to Talent Trends 2022 report from recruitment consulting firm Michael Page India shared exclusively with ET.
India ranks the highest in terms of professionals wanting to move out, among all the markets covered in the larger Asia Pacific survey titled The Great X.

This is despite the fact that people churn has been happening in the country for some time now, and around 38% of the 3,069 survey have only been at their jobs for less than 2 years.

Reasons for planned resignations include looking for career progression/promotion (48%); change career/role/industry (48%); unhappiness with salary (38%), and unhappiness with strategy/direction of company (23%) among others. And 61% of in India are willing to accept a lower salary or forego pay rise and/or promotion for better work-life balance, overall well-being and happiness, the survey said.

“Company culture has now become the differentiator as to whether you can grow faster than your competitors,” Nicolas Dumoulin, senior managing director, Michael Page India and Thailand, told ET. “Earlier, access of capital, etc. used to be among the key elements; now talent is what makes the difference. Many companies cannot fulfill their growth aspirations because of the lack of talent,” he added.
Public sector professionals are the most likely to resign in the next six months, the survey found, with all the ones covered in the survey showing an intent to move out, followed by those in energy and natural resources (94%); industrial/manufacturing (92%) and leisure, travel and tourism (89%).

Those in business services (78%), non-profit organizations (75%) and property (74%) are least likely to resign, though even there the percentage of those looking out is significantly high.

Interestingly, while salaries, bonuses, and rewards (20%) are still top attraction motivators for candidates, employers are currently overvaluing by 29% how much emphasis candidates place on this.

The survey shows a big swing towards non-monetary motivators and employers need to take stock of how much they are currently undervaluing “soft” attraction motivators such as company culture and values ​​(19%), greater sense of purpose (13%), leadership (12%), and company brand (8%). These are becoming increasingly important to job candidates when deciding which company to join.

While work life has become more intense since the start of the pandemic, a significant number do not feel supported by their employers. As many as 57% of said their workload has increased compared to before Covid-19; and 52% said their stress levels have increased. At the same time, 47% said their company cares about their wellbeing and happiness.

Diversity, equity and inclusion has now transitioned from becoming niche to non-negotiable. An average of 70% of people will consider asking about a company’s DE&I policy at job interviews, found the survey.

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