ECONOMY

Companies struggling to hold on to workers

Report shows employees are changing jobs more frequently, mainly in search of better salaries

Companies struggling to hold on to workers

Businesses in Greece are having trouble not only hiring new employees, but also keeping their current workforce, demonstrating that worker retention is a complex challenge for companies, especially for micro-enterprises, which are the backbone of Greek entrepreneurship. 

According to the latest study by Randstad, 15% of employees in Greece have changed employers in the last six months, a percentage slightly higher than in 2022 (13%), while 23% of the workers who participated in the survey appeared willing to do so by 2023.

Overall, the survey showed that 64% of Greek workers (the highest proportion in Europe) would consider changing jobs because of low pay.

This is a sizable group of employees who have redefined their priorities, are not afraid to leave their jobs if they no longer meet their needs and values, do not want a job solely for the salary – which is usually significantly lower than the cost of living – and do not want to work just to make ends meet.

In the youngest age group (18-24 years old), other criteria besides wages are added to those on the basis of which someone would change employer, with pay remaining the main factor for 53%.

Tellingly, Millennials and Generation Z consider as decisive factors the working environment, their personal values and career prospects – unlike their parents, who were “married” to their jobs.

The study also demonstrated that the decision to change does not appear to be influenced by gender or educational level.

However, fear plays a significant part.

Indicatively, 16% of employees worry about losing their jobs, a lower percentage than in 2022 (19%). In comparison to Attica (14%), this fear is substantially higher in Macedonia and Thrace (20%).

Similar to the previous year, more than three out of 10 (31%) of those who are worried say they want to change jobs. Again, the benefits and pay package, however, are the key factors in considering leaving a job.

The study reveals that Greek employers do not support employees’ need for professional growth. Only 50% of workers who desire to grow personally actually have the chance to do so. In light of the fact that both retraining and skill upgrading are highly regarded, Randstad advises businesses to provide equal opportunities for both if they want to keep their workforce.

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