In Q2 2016 on many levels things remain the same – and that’s not necessarily a good thing. Intent to stay and discretionary effort levels remain on the decline while job-seeking activity continues to increase. Even China and the U.S., which bucked the job-seeking trend last quarter, saw rises in Q2 of three percent and two percent respectively.
While job-seeking activity increased in China, the big picture shows that China is no longer the hottest labor market. Since 2006, annual merit increases for employees have steadily decreased in China. Job growth in China has also slowed as the country’s economy remains strained.
In Latin America, where economic concerns abound amid discussions of a second consecutive year of contraction, job opportunity perception fell to a five-year low (47.2 index points). And with uncertainty around Brexit looming, job opportunity perception also decreased in Europe this quarter, after hitting its highest point in five years just three months before. Despite increased job seeking in both regions, workers’ view of their personal prospects is less than sunny.
As data suggests a potential broadening of the “quitting in seat” phenomenon and a greater likelihood of employee exits, employers should focus on deepening engagement efforts and refining their employment brand. Companies can further engage employees by harnessing their desire for future career opportunities and seizing the moment to create career partnerships. True career partnerships generate reciprocal value by creating transparency into experiences and internal opportunities that build necessary skills and by improving talent sharing.