Companies across Europe are grappling with a rising trend: young workers are exiting their jobs, posing significant challenges for employers to bridge the skills gap.
A recent report highlights that for approximately 60% of hiring managers, the trend of younger employees leaving is a primary barrier to filling crucial roles. The aftermath of the pandemic and ongoing economic instability, marked by soaring inflation across Europe, has catalyzed phenomena such as the “Great Resignation” and “quiet quitting”.
Many young professionals believe that they’re working more rigorously, yet their compensation isn’t matching the pace at which the cost of living is increasing.
A comprehensive survey involving talent managers, learning and development experts, and employees from the UK, France, Germany, and the US has unveiled the profound challenges businesses face. Particularly in the UK, a high attrition rate among younger staff members has become the focal concern for 60% of hiring managers.
360Learning’s 2023 Global State of Upskilling and Reskilling report shines light on another looming issue: the loss of expertise from older professionals nearing retirement. This was identified as a major concern by over a third of the surveyed hiring managers.
Interestingly, the primary challenges vary across countries. In France and the US, the foremost difficulty is sourcing new talent equipped with the necessary skills.
David James, the Chief Learning Officer at 360Learning, commented on the situation, stating, “The skills crisis is exerting enormous stress on businesses. The twin issues of losing valuable insights from retirees and the exodus of younger talent are problematic.” He further emphasized the solution, “The onus is on employers to foster a continuous learning environment and empower their teams with resources to enhance their skills.”