Boards And Their Responsibility For Shaping Work Attitudes
The GREAT RESIGNATION IS ALIVE and WELL! And U.S. Corporations are adapting as fast as they can.
According to a recent Willis Towers Watson survey showed:
- Forty-four percent of employees are “job seekers,”
- Data suggest the Great Resignation, a pandemic-era labor trend also known as the Great Reshuffle, is continuing.
- Over half of workers said higher pay was a top reason they’d look for a new job.
- Woman signing contract in job application form
Almost half of employees are looking for a new job or plan to soon, according to the survey, suggesting the pandemic-era phenomenon known as the Great Resignation is continuing into 2023.
“The data shows employees are prepared and open to go somewhere else,” according to Tracey Malcolm, global leader of the future of work and risk at the consulting firm.
The survey polled 9,658 U.S. employees from large and midsize employers across a broad range of industries in December 2021 and January 2022. Job openings and resignations swelled to historic highs, and layoff rates fell to record lows. Wages grew at a fast clip as businesses competed for talent.
Further, data suggests most aren’t quitting to sit on the sidelines — a strong job market with ample opportunities and higher pay are luring them to find work elsewhere, according to economists. Some are reinventing their careers altogether.
Over half of workers (56%) said pay is a top reason they’d look for a job with a different employer, according to the survey. Forty-one percent would leave for ONLY a 5% increase.
Households have been battling persistently high inflation and increases in borrowing rates, which has eaten into budgets and outstripped raises for the average worker.
As a result, Boards need to work hand-in-hand with management in addressing the social as well as the economic value of work. The great news is this has put us all into a new vertical learning curve that is destined to make us all better… someday.
Before then, enjoy this great article by NACD and Blythe McGarvie.
It’s a good one.