Survey results from McKinsey and Company show that 40% of employees across Australia, Canada, Singapore, the UK and the U.S. are likely to leave their jobs. To that end, below are key facts and figures that illustrate the current state of hiring and how organizations can recalibrate to improve employee retention in 2023.
Hiring Takes the Back Burner…
…As Retention Takes Priority
Employers Don’t Understand Why Employees Leave
More Important to Employees than Employers Appreciate:
- Valued by organization
- Valued by manager
- Sense of belonging
- Potential for advancement
- Having caring and trusting teammates
- Flexible work schedule
(Source: McKinsey & Company)
Flexible Work Matters
64% of the global workforce would consider looking for a new job if they were required to return to the office full-time.
52% of employees are even willing to accept a pay cut—up to 11%—to maintain flexible, hybrid work arrangements.
(Source: ADP Research Institute’s People at Work 2022: A Global Workforce View)
Employees Crave Development & Growth
Career progression is the No.1 pull factor attracting employees to new jobs.
(Source: Achievers 2022 Engagement and Retention Report)
76% of employees would stay at their company longer if they could benefit more from learning and development support.
(Source: Microsoft Work Trend Index Special Report)
Internal Mobility Makes a Difference
Workers who have no visibility into internal career opportunities are 61% more likely to have plans to quit their job.