Coming Soon: Attrition!

“It's no more about the organisation! Employees see the job and role, and what it has to offer. The remote work model has impacted the level of engagement", lamented a CHRO of a global technology company.

She was startled by the recently released 2021 Talent Trends Report by Michael Page, the world-renowned HR consulting and search firm, wherein they conclude that 77% of technology employees will be looking for a new job this year. 

Much has changed from a year or so ago when businesses were slowing or shutting down, uncertainty of the future loomed large day after day, relevance of some roles were being questioned and, panic-stricken employees worked overtime to keep their jobs.

Come 2021, with many global organisations announcing their annual increments, promotion and bonuses, employers across sectors are seeing a different pattern, unexpectedly. Not just millennials, but even seasoned executives are looking for more ‘meaningful’ roles and careers. In fact, many managers who bashfully said ‘Where will they go? They won’t find a job easily in this market!’, are now biting their tongue!

A few days ago, a worried COO of a global bank called me to admit, “There is a section of employees who are asking, ‘If I must continue to WFH afterall, the coffee machines or air-conditioned office or pool tables or subsidized cafeteria doesn’t really matter! I might as well work for more pay for my time and effort!!’ - is what I hear them saying”, he added. 

Apart from the market demand factors like need for specialists and experienced professionals, etc. employees are simply looking at pay packages as the key differentiator while all other perks noted above are irrelevant, at least for now!

Leaders and organisations will have to think differently when it comes to employee retention. ‘Are we genuinely a great place to work? Do our people feel truly valued every day? How are our managers showing empathy to their teams during these difficult times? Are people feeling motivated and inspired by their leaders? What new opportunities are we offering our people to stay engaged?’

Beyond the job title and pay, employees will be looking for such invaluable, and somewhat intangible, initiatives by their leaders. People are looking for a whole new set of differentiators to feel valued and relevant. Else, employers will soon get used to a series of ‘Next Change’ across their billboards!