Mobility and Experiences Keys to the European Job Market 2023

Quiet quitters are a growing problem for European employers, according to a new McKinsey report. At the same time as retirement is more common in much younger age in Europe than in other parts of the world. The job market 2023 and onwards will accelerate this development. In the report the authors have identified several reasons for these differences, but also comes up with solutions for employers that is working to keep talent in their organisation and attract new. All this while the tech development could lead in the other direction.

Radical Uncertainty and Quite Quitters

The speed of the transformation of the European job market has increased in the aftermath of the pandemic. Employees have found great benefits in working more independently from home where it is more the personal work experience and not the social relations that form the loyalty to the workplace. In this spirit the authors of the McKinsey report identifies strategies to avoid braindrain in the company. This include the ability to retain those who are considering leaving, provide support to turn quiet quitters into more engaged employees, and recruit top talent more effectively. As the authors writes, this is especially crucial in times of radical uncertainty, like the one we live in.

Tech development supports the experience economy

According to the latest Ericsson Mobility Report, Europe is still lagging far behind Northern America and Southeast Asia when it comes to building 5G-networks. However, at the end of 2022 the amount of subscriptions to 5G is forecasted to reach 1 billion subscribers globally, in 2028, 5 billion. This with the prices for the end-customer falling much faster than it did at the launch of 4G. In its tracks digitization with Augmented Reality services and in general a more comfortable work experience with high speed access is accelerating. This mean that the capabilities of a modern company office more easily can be integrated in a home office or even while travelling at hotels and cafés etc. In this spirit people increasingly will seek the environment that motivate them the most in the growing experience economy.    

Solutions for the European Job Market 2023

The authors of the McKinsey report identifies solutions for employers to keep talent and attract new. This by turning the company into a hub of work experiences to avoid getting trapped in the gig economy or worse, not be able to attract the right employees at all. An upgraded value system, turn inward, don’t forget “the others” and reward loyalty is some of the keys to win the battle of talent. In part 2 of this story I will dig deeper into this.

Written by
LarsGoran Bostrom©     

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