In the wake of the pandemic, the world has seen numerous transformations in the workplace landscape. A crucial aspect of this change has been the phenomenon of the ‘Great Resignation.’ The Michael Page Talent Trends 2023 India study, released recently, paints a vivid picture of this trend’s significant persistence in India. It reveals a steady increase in employees transitioning to new jobs post-pandemic.
The study, which surveyed 6,863 employees in India, many of whom were in senior-management roles, found that 23% of the employees changed jobs in 2022. This figure represents a clear rise from the 20% recorded in 2021 and 10% in 2019. The Great Resignation, initially sparked in early 2021 due to an influx of digital-led roles following the accelerated digital transformation of organizations amidst the pandemic, was expected to temper down by the end of the year. Contrary to expectations, however, the report indicates a continued growth in this trend in 2022, a surge of 18% from the previous year.
The study further notes that 75% of the workforce were “active job seekers” in 2022, indicating a significant portion of employees either looking for or planning to switch jobs within the next six months. Adding to the complexity is the looming uncertainty of the global economy, which the report suggests may further fuel the trend of job switching throughout 2023.
The persistent Great Resignation, the study posits, is not merely a product of the pandemic but signifies a broader evolution in talent expectations. The contemporary workforce no longer anticipates remaining static in their roles. Instead, employees are looking for employers who can deliver value, satisfaction, and growth opportunities. Failure to meet these expectations drives employees to explore new avenues.
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The impact of these changing expectations is apparent in the flux witnessed in the talent market. A staggering 98% of all employees expressed openness to new opportunities, causing employers to grapple with retention challenges. Companies could confidently rely on fewer than one in ten individuals in their existing workforce to stay onboard throughout the year.
Ankit Agarwala, Managing Director, Michael Page India, commented on this evolving trend. He attributed the high attrition rate seen in 2022 to a shift in employees’ mindset, prioritizing their personal career growth and satisfaction. Agarwala observed that while companies may have overhired leading to layoffs in the past years, this phase seems to be reaching a settling point. He anticipates a decrease in layoffs as the necessary ones have likely already occurred. “Once that settles, for the rest of the year, we’ll again see the people looking out for roles,” he noted.
The study also presents a stark observation about employee loyalty, citing that nine out of ten individuals who started a new job within the last year are open to new opportunities. The trend of job hopping seems to have become the norm, amplifying the challenge for employers to retain top-tier talent.
In summary, the Great Resignation in India appears to be a persistent trend, with a considerable portion of the workforce consistently on the lookout for better opportunities. Employers need to rethink their retention strategies and focus on fostering a work environment that aligns with the evolving expectations of the modern workforce.
This news article is based on the findings from the Michael Page Talent Trends 2023 India study as reported on the BusinessToday website.
