The Great Resignation engenders a war for talent. Who will win it? | Unemployment News
The coronavirus pandemic has caused the biggest worker reshuffle in modern history and in so doing radically altered the balance of power of capital at work, according to a new report.
The Bain / Dynata survey titled The Working Future: More Human, Not Less surveyed 20,000 workers in 10 countries – the United States, Germany, France, Italy, Japan, China, India, Brazil, Indonesia and Nigeria – accounting for around 65%. of the world’s gross domestic product (GDP).
The survey, which looked at the evolution of work between February 2020 and February 2021, highlights that the previously cultivated relationship between workers and businesses has been forged in a world quite different from the one we live in today.
“A year of in-depth research has helped us define the broader implications of the future of work and the steps companies need to take now to move forward in the changing war for talent,” the report concludes.
In the United States, workers are increasingly confident about their job prospects. Organizing, organizing and protesting against workers’ conditions have become a real phenomenon in recent months. Employees are encouraged to take on big companies like the Starbucks coffee maker and cereal maker Kellogg.
The data underscore the shift in the balance of power. Some 4.2 million Americans left their jobs in October and 4.4 million in September. The phenomenon has been dubbed by economists (many of whom are perplexed) as the Great Resignation.
Punch: what now?
What motivates the Great Resignation? Factors vary from fear of contracting COVID-19 and childcare issues to baby boomers who retire early and workers who harness their entrepreneurial spirit to start their own businesses.
Workers found themselves in a great bargaining position – and this leverage is evident in average hourly earnings, which rose 4.8% in November from the same period a year ago, according to the department. American Labor.
“More than just inputs, workers are the atomic building blocks of modern business. Yet our understanding of workers – their hopes and desires, their untapped potential, their emotional state – is often superficial, ”says the Bain / Dynata survey.
Millions of Americans have used the disruption of the labor market and the unprecedented disruption of daily life caused by the COVID-19 crisis as an opportunity to reassess what they want out of life and how their work can achieve these. Goals.
The Bain / Dynata report also found that motivations for work have changed dramatically. Nowadays, fewer workers are blinded by dollar signs. According to the survey, while 56% of those polled cited pay as their top three priorities, only 22% of workers ranked a good salary and benefits as what matters most to them in a job.
Gains in living standards, at least in developed countries, mean workers are raising their expectations of what a job should provide. The dismal image of an unhappy worker pointing the clock, going to work from nine to five without a heart or soul in his daily chores, may no longer be considered an acceptable way of life.
Work-life balance: the war for talent
Some 58% of 10,000 workers polled by Bain / Dynata said the pandemic has forced them to rethink their work-life balance.
Workers have become more reluctant to keep jobs that they consider unsuitable for their new goals and ambitions. This makes it difficult for companies to fill positions and operate at full capacity.
And the problem is unlikely to go away anytime soon. Data shows American workers aren’t afraid to tell their bosses “I’m quitting.”
In addition, the younger generations, especially in advanced economies, are under increasing pressure and increasing psychological stress which affects their working lives. The search for a work-life balance will only intensify, according to the report.
Bain / Dynata says humanizing workers can help companies stay in the fight for talent. This means investing in employees, offering them learning and training programs, facilitating lateral career development and cultivating a winning mentality within the organization.
It also means respect. The way managers, executives and business leaders view work and employees must change, says Bain / Dynata. Businesses need to stop managing workers like machines and instead help them develop their personal abilities and create a career that better fits their idea of a fulfilling life – not that dreary, soulless black and white image. .
Yes, employees have a job to do, but managers also have a new responsibility to help workers use their skills and talents.
Essentially, an organization or business that wants to win will need to embrace an environment of belonging and opportunity for workers. A shared vision and common values supported and promoted by company management will be essential for the morale and retention of the people who turn the wheels.