Posthaste: Many bosses are spending almost half their day dealing with staff turnover, survey says – Financial Post

Business Mandate August 05, 2022

43% of full-time employees surveyed considering freelance

A new survey found that senior executives are spending 40 per cent of their time each day dealing with employee turnover.
A new survey found that senior executives are spending 40 per cent of their time each day dealing with employee turnover.  Photo by Getty Images/iStockphoto

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Is the Great Resignation over?

Not according to the findings of this survey from California-based business technology firm Kantata.

The study interviewed 1,502 full-time employees and independent contractors in the professional services industry in June.

Forty-three per cent of the full-time employees said they were considering quitting their jobs to become freelancers. The percentage is even larger among younger workers. More than half (52 per cent) of millennial and gen Z employees were considering leaving their jobs to become independent contractors.

Three-quarters of the independent contractors surveyed had been full-time employees last year.

“The findings confirm that the Great Resignation is not just a trend, but a radical and permanent transformation of global workforces,” said Kantata.

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It’s also a headache for management.

More than half of the business leaders in the survey (53 per cent) said they were having trouble hiring full-time employees. In fact, the senior executives said they were spending 40 per cent of their day dealing with employee turnover.

Of the reasons identified for the high-turnover, compensation was unexpectedly low on the list. Continuing education towards professional growth ranked more highly.

Above three-quarters (76 per cent) of freelancers stated that they want to work with businesses that provide financial support for their professional growth. This includes paying for certificates, continuing education and masterclasses.

The vast majority of full-time employees agree: 92 per cent said they would be more loyal to corporations that invest in their professional development.

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Earlier this year, U.S. academic, Anthony Klotz, who coined the phrase “Great Resignation”, said he thinks resignation rates could stay above average for two or three years as employees adjust to the new ways to working that have emerged from the pandemic.

But those who do leave may not find the new pastures so green.

A survey of 15,000 U.S. workers by Joblist, an artificial intelligence job-search platform, found that more than a quarter of those who left work this year were reconsidering whether they made the right move, Bloomberg reported.

Among those who had found a new job after quitting 42 per cent said that it hadn’t lived up to their expectations.

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BUYBACK BONANZA An oilsands worker holds a handful of bitumen. Canada’s oilsands majors are plowing outsized second-quarter profits into buying back their own shares, hiking dividend payments and knocking down debt rather than investing in upstream growth — a trend that could continue over the next decade as companies contend with a number of headwinds to increasing production, according to analysts who follow the sector. Read on for more details by the Financial Post’s Meghan Potkins. Photo by Getty Images

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  • Deborah Flint, president and CEO of the Greater Toronto Airports Authority (GTAA), will provide a progress update at Toronto Pearson Airport
  • Today’s data: Canadian employment report and Ivey PMI; U.S. employment report and consumer credit
  • Earnings: Chorus Aviation Inc., Algoma Central Corp., Premium Brands Holdings Corp., Wajax Corp., Telus International Cda Inc., Canopy Growth Corp., Telus Corp., Power Corporation of Canada, Sproutly Canada Inc., TransAlta Corp., Lion Electric Co., Heroux Devtek Inc., Ensign Energy Services Inc., Uni-Select Inc. and Yellow Pages Ltd.

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Home prices and sales in Canada’s most populous city continued to slide as economic uncertainty and rising rates put more would-be homebuyers on the sidelines. Toronto home prices fell just over six per cent in July from a month earlier, hitting an average of $1.074 million, according to data from the Toronto Regional Real Estate Board. Despite the month-over-month decline, the city’s home prices managed to eke out a one per cent increase from July 2021. The number of homes exchanging hands tumbled 47 per cent year-over-year in July and 24 per cent from a month earlier, seeing 4,912 units sold. Read on for the full story by the Financial Post’s Stephanie Hughes.

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If you’ve hit a point in your life where you want to commit to making money more seriously, then you’ve probably at least considered trying to get involved with the stock market. While there is the potential to earn big as an investor, doing your homework makes a huge difference. Our content partner StackCommerce has details on why learning stock trading can benefit you in the long run. Read on.

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Today’s Posthaste was written by Noella Ovid, with additional reporting from The Canadian Press, Thomson Reuters and Bloomberg.

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