Brand, opportunity and trust: the best antidote for the Big Quit of 2023

Recruiting top talent is said to be the number one challenge confronting professional services firms in 2023.

Here in Australia, record low unemployment figures might bring a smile to the face of the Treasurer and Minister for Trade and Investment, who recently announced Queensland has recorded its lowest ever unemployment rate. But to employers, the statistics are of “a nightmare on Elm Street” proportion! Business is enjoying a post-covid-19 boom, but labour shortages across all sectors are testing the organisational spirit.

In a rush to demonstrate their ‘employer of choice’ attributes, professional services firms have been knocking themselves over in the rush to announce new and improved leave entitlements, flexible working arrangements, diversity and inclusion targets, health and wellbeing programs and to spruik their sustainability credentials. However, beyond the emoji applause and likes on their social media posts, many firms are still not seeing an increase in resumes landing in their HR manager’s inbox. And it begs the question: why aren’t these laudable measures attracting recruits and what more can employers do to be more appealing to potential recruits?

Over the years, I’ve watched with great interest the employee engagement surveys and the so-called hierarchy of employee needs.  According to pre-covid-19 The Marker Magazine study of 2,000 people, remuneration had taken a back seat to work relationships. More recently, a 2022 study by Seek suggested that ‘work/life balance’ was the most important consideration for workers in finding job satisfaction.

Over in the US, an early 2022 Gallup poll of 13,085 employees found that 64 percent reported that a significant increase in income or benefits was “very important” in deciding to take a new job. Not far behind at 61 per cent, was “greater work-life balance and better personal wellbeing”.

It's all very interesting from a social science perspective. But what I’ve found even more instructive have been my conversations with professionals who have either applied for a posted job ad or have made an approach informally to chat with me about employment opportunities. Whether it’s a formal interview or a casual coffee catchup, their reasons for wanting to leave their current role inevitably become a topic of conversation. Some of the most often cited reasons given by these (mainly legal) professionals include:

·        A lack of autonomy (and conversely, a desire to get away from micro-management).

·        No clear career path or a lack of progress.

·        A sense that the business and financial interests of the firm are prioritised over the interests of clients.

·        Failure by management to honour promises that had been made.

·        Lack of pride in the values and practices of their current firm or its brand.

·        Lack of training opportunities or quality mentoring.

·        Compromise in the quality of the work they are able to do.