The pandemic-era phenomenon, known as the Great Resignation, shows no signs of abating or even slowing with senior executives planning to leave their organisations in the next two years, according to a new report by KellyOCG, the outsourcing and consulting business of Kelly.
Many senior executives dissatisfied with role, lack confidence in employer.
More than half of senior leaders worldwide (58%) are unhappy in their current position, and 72% plan to leave their employer within the next two years, says the 2022 KellyOCG Global Workforce Report – Re:work that uncovers the startling disconnect between evolving employee expectations and the support firms provide.
It also spotlights the actions an elite group of companies, the Vanguards, are taking to attract and retain the talent they need to grow their business.
These findings indicate the full force of the Great Resignation has yet to be felt – and this widespread "boss loss" will have significant implications for companies and the global economy.
The report, a follow-up to the 2021 report, Next-level Agility: The Four Dynamics of a Resilient Workforce, identifies the greatest talent challenges and risks facing organisations as they emerge from the pandemic.
It also explores how companies are transforming across four critical dynamics of success: workforce fluidity; diversity, equity, and inclusion (DEI); employee experience; and adoption of tools and technologies.
KellyOCG surveyed C-suite leaders, board members, department heads, directors, and managers in 12 countries and 10 industries.
Leaders struggling to make hybrid work a success
Just two in ten firms believe that hybrid work is positively impacting organisational culture, and almost a third (28%) expect the complexity of managing a hybrid workforce will eventually require a return to the office for most employees.
While 66% say their firms are redefining their culture to fit a hybrid working world, only a third provide employees with an avenue to share feedback on hybrid work policies.
Hiring contingent talent one of the biggest talent barriers firms facing today
Over 33% of leaders say their firms struggle to hire the contingent talent they need to remain agile in today's economy. More than a quarter (28%) plan to increase their use of contingent talent by at least 25% in the next five years, but just over a third (36%) have a clear strategy for how they will use contingent talent to augment their permanent workforce.
Firms not going far/fast enough to achieve DEI, support employees' mental health
Only around one-third have implemented innovative initiatives to improve DEI, such as advocacy groups and support programmes (and only 19% provide DEI training for leaders).
And even though more than 25% report an increase in employee absences due to poor mental health, 70% do not even have a workplace culture where it's acceptable to disclose mental health challenges as a reason for taking time off.
Firms lagging on adopting right tools/technologies to develop their workforce
Nearly two-thirds do not yet have data analytics tools that enable them to capture trends around employee retention and productivity – even though 76% of firms who have adopted such tools say have been positively received by employees.
However, 64% report a lack of knowledge-sharing tools that foster stronger collaboration among hybrid, remote, and in-office employees.
"Our research signals there is significant talent demand for a life-work shift. Even senior leaders are experiencing it and acknowledge that employers could be doing more," said Tammy Browning, President of KellyOCG.
"A shift in workplace culture is needed and organisations must evolve to remain competitive, profitable, and attractive to top talent. Organisations that aren't taking action across the four dynamics will continue to see employees at all levels walk out the door."
KellyOCG surveyed 1,000 senior executives, 20% of whom are in C-suite or board member roles, across 12 countries – Australia, Canada, China, Germany, India, Ireland, Japan, Malaysia, Singapore, Switzerland, the United Kingdom and the United States – and 10 industries.