Stress and burnout are the main reasons behind half of business leaders planning to leave their jobs over the next year, according to a new US study.
Around 53% of managers and directors, and 51% of executives plan to look for a new job in the next 12 months, which could prove very costly to companies, confirmed a new study from experience management platform Qualtrics. Burn out (15%) and high-stress jobs (17%) are two of the main reasons cited for making the switch.
Growth opportunities is another top driver for a career change. Around 29% leaders say they want more growth opportunities. This is not surprising considering that 60% of employees said their employer didn’t offer any professional development or training last year; and 64% said they were not offered networking or mentoring opportunities, noted the study.
LACK OF MENTORING & TRAINING
In fact, many women executives are seeking new roles due to a lack of mentoring and training opportunities. Around 72% of women said their employers did not offer networking or mentoring opportunities during the global pandemic, compared to 55% of men. Additionally, 65% of women said they were not offered professional development and career training opportunities; compared to 53% of men.
Interestingly, employees in the tech industry are some of the most likely to be looking for a new job; with 52% of respondents saying they will do so in the next 12 months; compared to 41% of retail employees and 19% of government employees. Tech employees looking for new jobs are also more likely to say they’re looking for better leadership rather than higher salaries; it’s actually one of the top drivers among employees in other industries. Tech staff also said it’s important to feel like their work is a priority; and want to get to know their teams before accepting a job.
LEADERSHIP DIVERSITY GAP
Additionally, more Black and younger generations (millennials and Gen Z) are planning to leave their job next year. Many companies are focused on diversifying leadership, but a racial and generational gap still exists, revealed the study. Around 40% of Black respondents said diversity in leadership matters to them when looking for a new place to work; compared to 18% of White respondents. Gen Z and millennials also say diverse leadership matters more to them, compared to Gen X and Baby Boomers; (31% of Gen Z, 29% of Millennials, 18% of Gen X and 13% of Baby Boomers), noted the report.
With job openings in the US reaching a high of 9.3 million, businesses will need to rely on insights like these to make changes that will help them retain and engage their existing employees; and also effectively recruit candidates looking for new opportunities. As organisations compete for top talent, companies will need to take time to understand what employees are thinking and feeling; then act on that feedback to design programmes that fit best for their workforce. The top three things that matter to candidates during the hiring process are clearly communicated expectations; feeling like their wellbeing is a priority; and knowing the employer’s work policy (ie remote, hybrid or in-person work), according to the Qualtrics report.
“There is no one-size-fits-all approach to the future of work. Every industry, employer and leader will find experiences that are unique to their culture and workforce,” stated Julia Anas, Chief People Officer of Qualtrics. “The key to getting experiences right is to listen frequently and take action based on what you learn.”
Interestingly, another survey also found that leaders are burning out at record rates, creating serious retention problems at senior levels. Click here to read more.
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