After seven months of consecutive near record-high employee quit rates, the total number of resignations by American workers in 2021 has now surpassed 38 million. This has left many business leaders searching for answers. Gloat, pioneers of the Talent Marketplace, recently released its Great Resignation Research Report. It explores the issues at the heart of today’s turnover crisis: a fundamental reassessment of work and the quest for more fulfilling careers.
Key findings
The report reveals key findings from a proprietary survey of over 1,000 American workers. The Gloat Research Board commissioned it in early November.
Perks and benefits aren’t enough for American workers
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. Data shows that 48.1 percent of employees are looking for a new job or will be 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. It must put employees in the driver’s seat of their own careers. In total, 63.4 percent of employees want to be considered for new career opportunities within their company. Meanwhile, 54.4 percent 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 percent of employees think better career opportunities exist outside of their company.
Barriers to internal growth persist for American workers
Internal mobility isn’t a level playing field just yet. When asked about access to development opportunities, only 36.2 percent of women say their organization makes internal growth easily accessible.
American workers want more opportunities
The report also explores the role that emerging technology can play in re-architecting the way we work. Gloat reveals that 69.6 percent 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. The Board aims to equip business leaders with the insights they need. It produces 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. It aims 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. Ben Reuveni, Amichai Schreiber and Danny Shteinberg founded the company. It 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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