Bad news for economy: 86% of employees may resign in next 6 months, says report
Day after the World Bank slashed India’s economic growth projection to 7.5%, Michael Page has made a revelation that a majority of Indian employees are planning to quit their jobs in the next 6 months
A day after the World Bank slashed India’s economic growth projection to 7.5 per cent, global recruitment agency Michael Page has made a shocking revelation – stating that a majority of Indian employees are planning to quit their jobs in the next six months.
The agency which has conducted a survey in 12 countries, released a report titled The Great X wherein it claimed that due to various reasons – from job dissatisfaction to changes in preferences – 86 per cent of Indian employees may resign from their jobs in next months.
According to the report, 61 per cent of the Indian employees are willing to work for a lower salary and are ready to forgo a pay hike to focus on better work-life balance, overall well-being and happiness.
The report also said that the Great Resignation is most likely to continue in 2022.
“According to our data, not only has it already been taking place for the last two years sparked by the global pandemic, 2022 will only see it intensify,” said the report.
Highlighting that the Indian economy will have to face talent migration in coming times due to various reasons, the report suggested the trend may continue across markets, industries, degrees of seniority, and age groups.
“With the clear majority saying a significant talent migration event is upon us in the next few months, we must be ready for it to increase,” added the report.
The report points out that unhappiness with salary, career progression, change in career role or industry are among the key reasons attributing to the Great Resignation.
According to the report Indian employees are followed by the employees from Indonesia, Philippines, Malaysia and Thailand.
As per the report’s finding, while employees in the public sector are more willing to quit their jobs in comparison to the private sector, employees working in energy and natural resources are more likely to quit their jobs in the next six months.