Gloat’s Great Resignation Research Report exposes key shifts in the employee-employer relationship and identifies factors that are fueling the Big Quit.
After seven months of consecutive near record-high employee quit rates, the total number of resignations in 2021 has now surpassed 38 million, leaving many business leaders searching for answers. Gloat, pioneers of the Talent Marketplace, released its Great Resignation Research Report today, which explores the issues at the heart of today’s turnover crisis: a fundamental reassessment of work and the quest for more fulfilling careers.
The report reveals key findings from a proprietary survey of over 1,000 American workers, commissioned by the Gloat Research Board in early November.
Perks and Benefits Aren’t Enough
Gloat’s research indicates that leaders will need to do more than tweak their retention strategies and upgrade perks and benefits to prevent employees from leaving. As an example, the data shows that 48.1% of employees are looking for a new job, or will begin searching in the next 90 days. Better pay and more growth opportunities are the top two changes that people are looking to see, the same research reveals.
A Lack of Internal Opportunities is Fueling the Fire
The Great Resignation requires an entirely new approach to talent management that puts employees in the driver’s seat of their own careers. 63.4% of employees want to be considered for new career opportunities within their company and 54.4% of employees think their employer doesn’t take their future interests into account enough.
External Opportunities Exceed Internal Progression
When it comes to career growth and development opportunities, most employees believe the grass really is greener on the other side. 65.8% of employees think better career opportunities exist outside of their company.
Barriers to Internal Growth Persist
Internal mobility isn’t a level playing field just yet. When asked about access to development opportunities, only 36.2% of women say their organization makes internal growth easily accessible.
The report also explores the role that emerging technology can play in re-architecting the way we work. Gloat reveals that 69.6% of employees believe talent marketplaces can help democratize careers by increasing the visibility of talent and growth opportunities. Talent marketplaces also mitigate bias, enabling managers to make hiring and staffing decisions based on skills and experience.
“Most managers think of their team members solely in terms of what they were recruited to do– without considering their potential, their skills, or their interests. By applying talent marketplace dynamics using AI, we give employees the opportunity to say, ‘here are my skills’ and ‘here is what I am interested in pursuing’ and align their interests with their long-term career development,” said Jeff Schwartz, VP of Insights and Impact, Gloat
This report is the first from the Gloat Research Board, which is dedicated to equipping business leaders with the insights they need by producing proprietary research on the topics and challenges at the forefront of workforce transformation.
About Gloat
Founded in 2015, Gloat is redefining the future of work with its mission to democratize career development, unlock skills, and help enterprises build a future-proof workforce. It pioneered the AI-powered Talent Marketplace being used by the world’s leading global enterprises today. The company was founded by Ben Reuveni, Amichai Schreiber and Danny Shteinberg and is based in New York, with offices across the globe and a large R&D center in Tel Aviv, Israel. www.gloat.com
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