A recent survey uncovered that 26 per cent of Indian employees are considering leaving their current jobs within the next year.
The survey was conducted by the Boston Consulting Group (BCG), a global management consulting firm. The survey covered 11,000 employees across eight countries, including India. It emphasised the critical role of emotional factors in retention.
The statistics aligns with a global trend, as 28 per cent of workers across eight countries contemplate changing jobs, highlighting the need for employers to prioritize understanding their employees’ needs, despite record-low unemployment in the global labor market.
BCG’s comprehensive survey, titled “What Really Matters At Work, And Why We Should Care”, explores both functional and emotional factors impacting job satisfaction. While traditional elements like pay, benefits, and work/life balance remain crucial, emotional needs such as feeling valued, respected, and having job security have emerged as top priorities.
The survey covered 11,000 employees from the US, Canada, the UK, France, Germany, Australia, Japan, and India between October 6 and 30, 2023.
Surprisingly, the study underscores a fundamental shift in the employer-employee dynamic, emphasizing the importance of treating employees like customers.
It highlights that great managers play a pivotal role, reducing attrition risk by 72 per cent and significantly increasing employee motivation and satisfaction.
Neetu Chitkara, MD & Partner at BCG India, emphasized, “The future of work really revolves around the quality of talent and job satisfaction. In our post-pandemic world, where unemployment persists at record lows, and living and working amid uncertainty is almost a norm, the challenge for employers is becoming more complex than ever before.”
According to Chitkara, “The key will be for employers to prioritize and invest in the most optimal way to understand what really matters to their employees.”
The research also highlights the impact of supportive leaders, access to resources, and equal opportunities, suggesting that addressing these factors alongside effective management can reduce attrition risk from the global average of 28 per cent to 9 per cent.
The BCG’s findings underscore that emotional needs dominate employees’ decision-making regarding job satisfaction and retention. Companies failing to address these needs risk losing valuable talent in an increasingly competitive job market.