According to a May 2022 survey by PriceWaterhouseCooper, the Great Resignation is set to continue. As the job market continues to tighten — the unemployment rate in Canada has recently been hitting historic lows — companies are struggling to fill positions. Many are struggling to find ways to retain their best employees and attract new talent.
PwC surveyed more than 52,000 workers in 44 countries. The results indicate that workers are increasingly unhappy with their current situation and are looking for new opportunities. The biggest motivator for a job change is reportedly more money, yet the survey also reports that fulfilment at work is just as important.
This trend is likely to continue, as workers become more aware of the options available to them and increasingly seek out jobs that offer both
Many people have been reconsidering their choices and priorities during the pandemic – including their work situations. When they realize that they’ve been grinning and bearing their jobs or a lacklustre organizational culture, the decision to seek out greener pastures seems obvious.
How Can Companies Compete?
Employers will need to offer the obvious: competitive salaries and benefits, but now there is also so much more emphasis on workplace culture being enjoyable, fulfilling, and inclusive. Otherwise, they risk losing their best employees to the competition.
One of the main reasons for prioritizing a good organizational climate, according to one expert, is that people are more “picky” when it comes to applying for jobs because of the impact the COVID-19 pandemic has had on the work environment. Many people have been re-evaluating many things in their lives – including their careers and work-related goals. This re-evaluation is leading people to look for jobs that offer more flexible hours or a better work-life balance or greater meaning and satisfaction.
People are making some big career choices, with many switching industries entirely. They’re not just changing jobs, they’re changing fields. And as people look around at other industries, they’re seeing that there’s potential for a different lifestyle. They realize that they can make the same amount of money — or sometimes even more — without having to work in an undesirable work environment.
It’s no secret that money is a big motivator when it comes to changing jobs. After all, who doesn’t want to earn a higher salary?
In 2016, PwC released a study called “The Value of Purpose” which examined what motivated employees to leave their previous job. The study found that while more money was the biggest motivator, finding fulfilment at work was “just as important.” In fact, 78% of workers said they would leave their current job for one that offered them greater fulfilment.
So What Does This Mean for You?
If you’re feeling unsatisfied in your current position, it may be time to start looking for a new opportunity. Of course, landing a job that offers both a higher salary and greater fulfilment can be tough. People often think it’s either one or the other and that the quest for more money often comes at the expense of fulfilment. We may take on jobs that are high-paying even though it isn’t what we really want to do, or sacrifice our personal lives in pursuit of outward success. But I think you can find a suitable role that’s both fulfilling and helps you reach your financial goals.
Building Workplace Fulfillment
Specifically, employers need to be more responsive to the changing needs of the workforce if they want to attract and retain top talent. One way to do this is by offering opportunities for professional development and growth, as well as competitive compensation and benefits packages. At the end of the day, when our work feels meaningful, the compensation is fair and there’s a good organizational climate it’s an easy and old-fashioned recipe for employee retention.
For further reading, you may also enjoy reading To Flourish, Humans Are Motivated by Four Universal Needs – Are you satisfying these needs at work? Could you?
More than career coaching, it’s career psychology®.
I/O Advisory Services Inc. – Building Resilient Careers and Organizations TM.