January is said to be the best month to job hunt. On the hiring side, managers return to the office with fresh budgets and renewed impetus. On the talent side, many people enter the new year resolute to seek out new opportunities.
According to a BCG survey of 11,000 workers across 8 different countries, 28% say they do not see themselves with their current employer within a year.
“Given there is still record low unemployment in many countries across the globe, it is vital for companies to prioritize retention. At the end of the day, in places like the US, there are companies looking to fill more jobs than there are people available to fill them,” says BCG Managing Director and Senior Partner Deborah Lovich.
High staff turnover—and the recruitment and training needs that follow—have many implications for morale, performance and the bottom line. But labor shortages have also hit operations, with many factories, distribution or retail outlets unable to find enough staff to keep operations running or uphold service norms, Lovich says.
“The result is a fundamental change in the relationship between employer and employee, with companies needing to reframe how they think about their employees and take urgent action to protect themselves.”
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