A recent report by Boston Consulting Group (BCG) reveals that approximately 28% of Indians are considering a job change within the next year, including those actively seeking new opportunities and those open to the idea.
The report, which surveyed 11,000 employees across eight countries, including India, said that 26% of Indian employees are considering leaving their current employers in the coming year.
What drives employees to seek new opportunities?
When asked about their motivations for seeking new jobs, employees primarily cited functional factors. Pay was the top factor, followed by benefits and perks, work/life balance, engaging work, and better career learning opportunities.
However, the survey, conducted between October 6 and 30, 2023, also revealed that when making choices between different work aspects, emotional needs such as feeling respected, job security, and enjoyable work ranked high.
The role of emotional needs in job retention
BCG’s study found that emotional needs significantly influence employees’ decisions to stay or leave their jobs.
While functional benefits like pay were initially important, they fell lower on the list when correlated with employees’ intentions to stay or leave. Top factors included job security, being treated fairly and respected, enjoyable work, feeling valued and appreciated, and feeling supported.
The impact of managerial quality
The quality of managers emerged as a crucial factor in employee retention. Great managers are linked to a 72% reduction in attrition, highlighting their influence on employees’ day-to-day experiences.
The survey also showed that dissatisfaction with managers could double the risk of attrition. Supportive leaders, access to resources, and equal opportunities were other key factors in satisfying employees’ emotional needs.
The urgent need for employer action
The BCG report highlights the need for employers to understand and balance employees’ functional and emotional needs.
Neetu Chitkara, MD & Partner at BCG India, emphasizes the importance of employers helping their employees find this balance. The study suggests that treating employees like customers, focusing on sophisticated needs assessment and personalization, could be crucial in retaining talent and meeting their diverse needs.
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