Many employees have new priority amid 'uncertain economy'
Organizations across the COVID-hit world suffered over the past few years from the sudden surge of voluntary departures - a phenomenon known as The Great Resignation. However, a new report seems to indicate that this trend is starting to lose its steam.
A recent Qualtrics study of 3,000 employees revealed there are "signs that employees are willing to put in extra effort to shore up their security at their current job."
This comes as job security emerges as priority for employees amid an uncertain economy, defined by recent widespread layoffs, hiring freezes, and wage cuts. According to the report, 25% of employees who do not have management roles predicted that they would struggle in finding a new job, while 12% of senior leaders admitted similar concerns.
Women felt more secure in their jobs, according to the study, but men felt more confident that they could land a new role if they lost their current one.
"In an uncertain economy, job security is king," said Qualtrics Chief Workplace Psychologist Dr. Benjamin Granger in a statement.
The report also cited the US Bureau of Labour data, which found a slight decline in the recorded voluntary separations initiated by employees.
"In March, the number and rate of quits changed little at 3.9 million and 2.5%, respectively. The number of quits decreased in accommodation and food services (-178,000)," the bureau said in a media release.
Other parts of the world
Reports of employees deciding to stay put isn't unique to the United States, as recent research also uncovered similar results in other parts of the world.
In Australia, seven in 10 employees plan to stay with their current employers this year amid fears of recession, according to an ELMO report. In New Zealand, 73% said they also plan to remain in their current company this year due to concerns on recession and interest rate hikes.
"More employees staying put eases some of the pressure on employers after two years of worker shortages," Granger said.
