Quiet quitting: It’s the wake-up call employers need

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by Neha Mirchandani

Employees are putting employers on notice. By “quiet quitting” or flat-out resigning, the U.S. labor force is sending a clear message about its priorities and expectations. According to a Gallup survey, half of the country’s employees define themselves as “quiet quitters,” or people who get the job done without going above and beyond.

This trend comes in the wake of a tidal wave of actual resignations, with more than 47 million people leaving their jobs last year as part of the ongoing Great Resignation. In other words, employee stressors and demands are evolving. Work/life balance, holistic wellbeing and workplace culture matter more than ever, and HR leaders now have the opportunity to look at the big picture and mend the gaps in culture and employee benefits. Here’s how employers can learn from these trends, foster engagement and ultimately boost productivity.

Understand the root causes of disengagement

What’s fueling the quiet and not-so-quiet quitting trends?

In a pandemic-hued world compounded by an economic downturn, employees are struggling with everything from added workloads, increased anxiety and childcare woes, to inflation and market volatility. So, the simple answer to why people are “quiet quitting” is their desire to avoid high stress and burnout by taking work/life balance into their own hands. To address this growing workforce need, employers need to evaluate how they are fostering employee wellbeing in all its interrelated forms: mental, physical and financial.

While the pandemic brought mental wellness to the forefront, financial wellbeing is increasingly top of mind for employees. According to BrightPlan’s 2022 Wellness Barometer Survey, financial stress is the biggest source of worry for employees (72%), which affects other dimensions of wellness. For example, PwC’s recent survey found that anxiety about finances impacts mental health, sleep, self-esteem, physical health, relationships at home, and productivity and attendance at work.

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The Rising Importance of Soft Skills in Driving Productivity

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by Maria Guadalupe and Bryan Ng

 

The economy of the future requires a workforce with strong soft skills. Investing in these crucial skills can result in increased productivity.

Soft skills – the behavioural and social traits that enable individuals to work harmoniously with one another – are not just nice to have, they’re essential for the growth of a nation.

In France, 60 percent of employers consider soft skills, such as the ability to organise, adapt and work in teams, to be more important than technical competencies. However, France is far behind other developed economies when it comes to its stock of soft skills.

In our report for the Conseil d’Analyse Economique, an independent advisory group for the French Prime Minister, we estimated how much France could benefit by closing its soft skill gap. Our findings suggest that investing in soft skills will result in higher individual, firm and aggregate productivity, and enable the expansion of sectors that are projected to see total factor productivity growth in years to come.

Measuring the gap

To estimate France’s soft skills deficit, we ranked 18 developed countries using data from the OECD Programme for the International Assessment of Adult Competencies (PIAAC). The results indicated that France has the third-lowest average level of soft skills, ranking just above Germany and Japan. The United States, Czech Republic and Denmark took the top three spots.

Furthermore, this skill gap was as prevalent among highly educated individuals as those who have not attended university, implying that France’s soft skills deficit is not limited to certain education groups.

Soft skills gap

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What’s stopping you from reinventing your career?

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by Heather Cairns-Lee and Bill Fischer

 

 

A recent Microsoft study of 30,000 people revealed that 46% of workers are considering a major career pivot or transition after the Covid years. For many, this search goes beyond just a change of role and into the realm of personal renewal or reinvention. In our experience, many of the professionals who express such an interest in reinvention ultimately fail to follow through.

The hardest part, we’ve found, and where many professionals get stuck, is simply getting started on leaving the status quo. This is particularly true for senior executives. Personal reinvention requires reappraising life choices and imagining alternate paths — but this becomes more difficult when the path a leader is on is seen, at least outwardly, as successful. Because leaders’ identities are so dependent on their work, it can also be hard for them to consider different possibilities. And while these executives have been educated in strategic planning and change at the organizational level, reinvention at a personal level is not part of the curriculum at most business schools.

More ironically, there are also habits that are core to executives’ success that stand squarely in the way of personal reinvention. In our work teaching and coaching thousands of managers, we have identified four traps – self-sufficiency, overthinking, procrastination, and searching for the answer – that prevent leaders from taking the first steps necessary for considering and exploring possible new versions of themselves for the future.

In our work, we have found ways to help leaders recognize which traps they are falling into and start imagining a way out — largely inspired by design thinking principles such as rapid prototyping, making ideas visual, and getting quick feedback. Understanding what these traps are can help you take those first steps — and succeed in your quest for reinvention.

Self-sufficiency
Leaders often talk of their self-sufficiency with pride. These leaders rely on their own contributions, work well independently and seldom require motivation or management from others – behaviors that have earned them their senior roles. However, self-sufficiency has a flip side: It can limit connections with others, resulting in restricted access to new ideas, feedback and encouragement. It can also hide a leader’s doubts and insecurities from others. Individuals who are highly self-sufficient need others to help them overcome this trap of self-sufficiency and asking for help may seem obvious, but it also takes courage, especially when admitting to career vulnerability. Continue reading →

How to find a job that energizes (rather than drains) you

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BY JOSEPH LIU

 

If you have to work, it might as well be fulfilling.

 

 

Doing work that doesn’t feel meaningful can be a drain. You wake up, clock in, put in your hours, then clock out. Rinse, repeat. Although this sort of routine may feel dreary, you may still find yourself hanging onto it for the sake of maintaining consistency and predictability.

However, who says work necessarily has to be a struggle? Can your work be both financially rewarding and fulfilling?

One way to find work fulfillment is to achieve a state of flow. Hungarian psychologist Mihaly Csikszentmihalyi, one of the original architects behind the concept, describes the state of flow as being completely absorbed with an activity where nothing else seems to matter.

Achieving flow state means matching a challenging task with a person whose high skill level is relevant to the task. For example, both musically inclined and mathematically inclined individuals would deem solving a scientific formula challenging. However, the latter would more likely be equipped with the interests and skills to solve the problem to tackle the challenge with positivity and enthusiasm.

Therefore, job fit plays a big role to being in flow. Knowing your strengths and interests can spell the difference between doing energy-generating and energy-depleting work.

FINDING ENERGY-GENERATING WORK

Many years ago, when I was a college student planning to eventually go to medical school, I spent one summer working as a fellow in a pharmacology lab doing cancer research. Working at an esteemed lab seemed like a good experience-building activity for my medical school applications.  Continue reading →

Why Empathetic Leadership Is The Best Strategy For Retaining Tech Talent

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by Jon Flaherty, Chief Executive Officer – Americas, Revolent Group.

The tech sector is infamous for its high attrition rates. Recent research by LinkedIn reveals that the average turnover for tech roles currently stands at 12.9%. While salary and bonuses will be important, money isn’t everything. The shifts in priorities we’ve seen during the pandemic and the “Great Resignation” have shown us that today’s professionals are looking for more than just a paycheck from their employers. This has put a spotlight on the empathetic leadership style, as it can go a long way toward retaining tech talent.

What Is the True Cost of Employee Retention?

If you have recently hired a tech specialist, chances are they’ll leave within the first two years. It’s nothing personal—even household names like Zoom and Reddit are struggling to hold onto their employees for more than 18 months on average. The cost of replacing just one employee is staggering—ranging from one-half to two times their annual salary, according to Gallup. Plus, the more senior the role is, the higher the cost of replacing it.

While there are many reasons why an employee might decide to leave (salary and benefits often being top of the list), staff can also leave due to an unsatisfactory working culture that doesn’t provide them with enough autonomy and flexibility. With the current skills crisis to contend with, especially in the increasingly sought-after cloud technologies, employers simply cannot afford to overlook making improvements to their working culture. One effective way of doing this is by rethinking your leadership approach.

Employees Want A Leader Who Cares

We often make the mistake of assuming that our employees leave because they are better paid elsewhere. While this is true for some, it’s also true that people want to belong to an environment where their voice matters, their contribution is valued and where they can see clear career progression opportunities ahead of them. Taking up a better offer elsewhere is often the result of these expectations continuously not being met in their current workplace. Continue reading →