Rising unemployment and economic downslide has forced many South Africans to flee the country to fend for themselves in other countries.
Report has it that the number of South African workers who are planning to find greener pasture in other countryies has largely increased, reaching 36.2% over a three-month period.
According to report by CEB – a best practice insight and technology company – the rising number of citizens leaving the country poses a major threat to most firms which will have to prevent their top performers from becoming flight risks.
CEB noted that more workers in SA are actively trying to switch organizations as a result of growing dissatisfaction with future career opportunities (71.7%) and total pay packets (69.9%).
The firm said this is caused by a depressed job market and unemployment at a 21-year high, and Employees’ total compensation expectations which has also risen and are now twice as high as those in mature economies
“We’re seeing the workforce in South Africa growing restless and frustrated with their employers. The surge in job seeking signals more employees are prepared to switch organizations in order to gain better opportunities and pay,” said Clare Moncrieff, CEB HR Principal Executive Adviser.
“People are willing to apply themselves and want to work hard for their organisations but they want to be rewarded for their effort. The challenge for most firms will be keeping top performers from becoming flight risks.”
South Africa stands as one of the hardest-working nations, ranking fifth out of 40 countries surveyed by CEB with over three-in-10 (31.6%) employees going above and beyond in their roles.
This is almost double the international average of 17.2%, which dipped to a four-year low this quarter.
SA unemployment Rate Still On The Rise
However, the country has suffered drastic rise in unemployment. While other countries tries to reduce its unemployment rate to the barest minimum, that of SA continues to rise reaching 4.6% over the previous year.
The most disengaged employees are those in China, Singapore and South Korea where workers are increasingly focused on planning their next career move and mentally “checking out” from their current roles.
It will be easier for external recruiters to tempt workers to consider new roles, whether they are actively looking or not especially as workforce becomes less concerned with job security.
Hence, to safeguard their best and brightest talent, companies need to create rewarding environments that allow employees to develop and grow professionally.
“Pay continues to be front of mind for employees and jobseekers alike, employers need to ensure they are being realistic about the rewards and compensation they can offer,” said Moncrieff.
Global Talent Monitor data is drawn from CEB’s larger Global Labour Market Survey, which is made up of more than 20,000 employees in 40 countries.