The grass isn't always greener when changing jobs. Photo / 123RF
The grass isn't always greener when changing jobs. Photo / 123RF
Signs the “Great Resignation” could be easing are starting to appear, while almost half of those who have jumped ship in the past year may be regretting their move, according to a new survey.
The “Great Remorse”, or “Regret”, was termed after tens of millions of workers worldwide left theirjobs during Covid in search of greener pastures - whether it be for money or a better work-life balance - only to find that they weren’t much happier than before.
Employment Hero’s latest Talent Insights Report, which surveyed more than 1,000 workers across New Zealand in the early weeks of 2023, revealed 45 per cent of employees who have been in their roles for less than 12 months want their next role to be in a different organisation or industry.
Of this group, 26 per cent are currently on the hunt for another job.
“The Great Remorse is anticipated, especially in light of the existing skills gap and the challenges associated with luring and keeping the best talent,” Alex Hattingh, chief people officer at Employment Hero, said.
“Some people rushing to relocate discover that their new work only partially lives up to their expectations. It doesn’t help that some businesses use deceptive promises to entice high achievers away from their existing positions, which can sour the experience and professional relationships.
“It’s important for employees to consider the potential risks and benefits before quitting a job and to carefully evaluate how the new opportunity fits with their career goals and personal circumstances.”
Far fewer employees are also taking immediate action to “put the feelers out” for something new. Only five per cent said they were in discussions with recruiters and 3 per cent have selected the #opentowork feature on LinkedIn.
Hattingh said speaking to a trusted mentor or career counsellor can be helpful when weighing up career decisions.
“Various factors, including economic uncertainty, personal circumstances, job satisfaction, and the state of the job market, can influence a slowdown in the ‘Great Resignation’. While some employees may be more cautious during times of uncertainty, others may see it as an opportunity to take control of their careers and pursue new opportunities,” she said.
Remuneration continues to be a key concern of employees as cost-of-living pressures remain.
Despite 53 per cent of employees saying they received a pay rise last year, 44 per cent reported their increase was less than five per cent.
And with inflation for the year to December hitting 7.2 per cent, it’s little surprise that 61 per cent believe that their current pay does not meet the rising cost of living pressures, the report revealed.
“The report continues to prove that cash is king, revealing that employees would move for a pay rise, and they would also stay for one,” Hattingh said.
“Forty-eight per cent of employees would consider staying in their current role should they receive a pay rise, and 57 per cent would consider leaving their current role should they be offered a competitive offer,” she added.
Workers aged 18-34 were also more likely to receive a pay rise (60 per cent) than those 55 years and over (47 per cent).
“Paying a competitive salary is important, and compensation is a key strategy for successful employee retention,” Hattingh said.
Flexible working was second only to cash incentives among job seekers with 34 per cent of respondents reporting they would consider moving to a new employer if they offered flexible working, up from 29 per cent in 2021.
Alex Hattingh, chief people officer at Employment Hero. Photo / Supplied
Hattingh said offering remote work will give employers an added advantage to win over new talent.
“Culture continues to be a growing interest as productivity and wellness take top priority among job seekers,” she said.
“Rather than decree a full-time return to the office, employers need to accept the demand for flexibility and its positive impact on employees, such as by reducing the cost of living and improving wellbeing. It can also positively affect the business.”
International opportunities remain appealing to Kiwis, with 44 per cent saying they would consider a role overseas.
When it comes to considering a new job overseas, better opportunities (52 per cent), “I want to travel” (51 per cent), could earn more money (50 per cent) and cost of living (50 per cent) were the top reasons behind this.
Despite the economic uncertainty ahead this year, and a staged recession that could result in higher unemployment, 71 per cent of employees are feeling secure in their careers, according to the report. Just 15 per cent said they are not feeling secure.
And 42 per cent of respondents said they believe that their company will continue to grow this year.
