Nearly 1 in 3 employees want to change employers. Why?

ManagementJune 02, 2022 09:57

Much has been discussed on the changing modes of job search and understanding ways to attract mid-career workers. Nevertheless, finding candidates to fill positions here is still an uphill task for many companies. Why is that so?


Many employees are changing jobs in a tight labour market

31 percent of respondents plan to change jobs within the next six months, a survey conducted in Jan revealed. This is a 3 percentage point increase from the same period last year.

Reasons could range from the plentiful job vacancies available to wanting a higher salary and a more holistic work experience. This means that workers are looking for flexible work schedules and a conducive working environment for career growth. About 18 percent of respondents had changed employers between July and December 2021. Top motivating factors include work-life balance, salary and benefits and pleasant working conditions. Forty-one percent of respondents also indicated that they were worried about losing their job this year as the reason for changing their employment in the first half of 2022, marking a 5 percent increase from last year.

Since there were more than 2 job vacancies for every job seeker at the end of 2021, more job opportunities will be available with the reopening of the economy. However, there may also be pent-up resignations in the first half of 2022 as some workers may have delayed their plans to switch jobs over the past year due to economic uncertainties.

Employers could offer flexible work arrangements or redesign jobs to enhance productivity and raise salaries to retain talents.


Broadening the pool of candidates
Employers have to be more flexible in their hiring terms in a tight labour market. This could mean not requiring a degree for certain jobs. For example, more than 5 in 10 senior leaders said that entry-level or mid-level roles no longer require college degrees. Also, more Malaysian job seekers are responding to Singapore job ads since the reopening of the Malaysian borders. It is also important to speed up the interviewing process, as our LinkedIn poll revealed that 80 percent of candidates do not wait for more than 2 weeks for a job offer.
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Are there other ways for your company to broaden the search for talents in this competitive market?