NEW DELHI: The great resignation is likely to continue unbridled in 2022 with a whopping 86% of employees planning to resign in the next six months, according to jobs and recruitment agency Michael Page. Findings suggest that a significant 61% in India are willing to accept a lower salary or forgo pay rise and/or promotion for better work-life balance, overall well-being and happiness. “According to our data, not only has it already been taking place for the last two years sparked by the global pandemic 2022 will only see it intensify,” Michael Page said in its report.
Across markets, industries, levels of seniority, and age groups, 2022 shows no signs of this abating, says the report. “We must prepare for it to intensify with the clear majority indicating a major talent migration event is upon us in the coming months.” The report reveals while there is much talk about companies’ work arrangements (hybrid, working from home, etc) and Covid-related policies causing unhappiness among employees, only 11% of people who have resigned or plan to resign report this as the reason for resignation. Top reasons why staff are resigning include career progression, higher salary, role change and job satisfaction.
Employer, employee expectations gap
Though salaries, bonuses, and rewards are unequivocally the most important motivator for candidates, employers are overvaluing by 29% how much emphasis candidates place on this, according to the report. A company’s brand is also far less important to candidates than employers think – employers overvalue how much company brand matters to candidates by a significant 110%. Of those unemployed, 43% say they have been so for over six months. “The surge in resignations is being driven by people searching for the right job at the right company with the right values and culture.”
Great resignation likely to continue
Findings suggest 61% are willing to accept lower salary or forgo pay rise or promotion for better work-life balance, overall well-being and happiness. Covid-related policies causing unhappiness among employees, only 11% who resigned or plan to resign report this as the reason.
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