TECH SUPPLIER May 2022 - Market Perspective - Doc # EUR149053622
Impact of The Great Resignation on Europe's Tech Skills Market
This IDC Market Perspective examines "The Great Resignation" and analyzes its possible effects. The Great Resignation, a term coined by Dr Anthony Klotz, describes how the U.S. is hit by a large wave of resignations and job shifting. In the U.S., 3% of the workforce has left their positions in the past six months. The question is whether it will hit Europe, and if so in what strength. This document analyzes the drivers and inhibitors that are relevant for the main countries in Europe. A resignation wave is very likely in many countries; it has already begun in the U.K. and can be expected in Netherlands and Germany within six months.
"The term 'The Great Resignation' has been misinterpreted as a massive wave of people leaving the workforce entirely. In Europe, it is more a matter of reshuffling, with a portion of specialists taking the opportunity to retire. The situation differs vastly among different European countries, but European employers need to prepare for a tired and pandemic-exhausted workforce to begin to look for new jobs. Employee engagement, diversity, and work-life balance needs to be addressed, together with salary and compensation, not least important is the pay gap between different groups in the workforce," said Martin Sundblad, IDC European Skills Research lead.