How to future-proof your talent and avoid the quitting contagion

Much has been said and written about how much the world of work has changed in recent years. For employers, it can seem like there’s a new risk, trend, or challenge every week. This is against the constant backdrop of Great Attrition and a high-stakes battle for top talent.

Those of the Adecco Group Global Workforce of the Future Report 2022 compiles data from over 34,000 respondents from 25 countries in hopes of giving shape to the apparent chaos. One of his central themes is the rise of the ‘quitfluencer’, talent retention and the importance of skills.

When starting the report in a live webinarI was joined by guests Christine Graeff, Global Head of People at Credit Suisse, Krish Shankar, EVP Group Head of HR Development at Infosys, and Neena Potenza, Global Strategic Initiative Manager at Ingka Group.

The question is simple: How do we future-proof our workforce and prevent a wave of layoffs? The answer is less.

Skills at the heart of your career

Christine Graeff explained in the webinar that the way younger workers view their careers is radically different from the traditional itinerary of stepping up the ladder – it’s an individual journey of growth. “Developing their own careers is what Gen Z is more focused on,” she explained. “They will change jobs often, but they will stay if they feel their careers are being nurtured.”

Career development and personality development can often play second fiddle to salary when it comes to retention strategies, but the Adecco Group report suggests this is a faux pas. While 64% of managers believe their company has invested in their development, only 36% of non-managers agree. In other words: Around two-thirds of non-managers feel they have no prospects.

Make no mistake, employees are not blind to the megatrends that are troubling employers. For example, as many as 66% of non-desk workers say they need to acquire new skills to keep up with digitalization. Another 77% of non-desk workers feel they have significant skills gaps. And 65% of workers believe a better future of work is their responsibility. In the context of the Great Attrition, this should be taken seriously. If the current employer does not offer training, the majority of workers will find one who does.

Worse still, in most cases the employer is unaware – 23% of the workforce have never had a career development conversation with their manager. Without these career talks, there is little chance workers can get the training they need or be able to be internally mobile. That often means more outside hires, a dry talent pipeline, and potentially the start of contagion from quitting.

At Infosys, Krish’s team has taken a three-pronged approach: first, they constantly review what skills need to be nurtured to advance with digital technology; They then conduct learning trips for employees that include a six-month practical internship. Third, they created a digital quotient (DQ) to quantify skills and their application to the job. This enables workers to self-assess and motivates them to learn.

“The half-life of abilities is pretty short,” Krish explained. “As more and more new technologies are introduced, we need an engine that constantly produces new capabilities.”

Enter the ‘Quitfluencer’

27% of workers worldwide plan to quit their job in the next 12 months. That’s a remarkable statistic, but here’s another: 7 in 10 workers admit that a co-worker’s termination makes them want to quit too. Half of those who experienced a resignation actually took action. This applies to both desk and non-desk workers. Enter the “Quitfluencer”.

Here’s how I explain it: There’s one person who starts thinking about leaving… and when they stop, you suddenly have dozens of employees following your example. This is certainly a reminder for us in companies on what we need to do to curb the influence of the quitfluencer.

In a competitive job market where 61% of workers are confident they could find a new job in six months, a single layoff could trigger a landslide. How can employers prevent this?

The report shows that salary plays an important role in moving candidates to new opportunities – but that changes when employees feel engaged. In this scenario, salary is much less important. What drives workers to stay in their jobs is satisfaction, career advancement, stability, work-life balance, organizational culture and flexibility.

The common denominator

Back to the actual question: How do we future-proof employees and prevent contagion through quitting? The conversation is crucial.