YOU DOWN WITH OPP? (OTHER POTENTIAL PROSPECTS)
"Why do so many continue to have a wandering eye in an unstable financial market?
61% Percentage of Workers who are seeking or planning to seek new jobs according to Business.com in July 2023.
By Laurie Brednich
In today’s unstable financial market, being “Down with OPP” (other potential prospects) means that employees are proactively looking for, and open, to better opportunities in an ever-shifting job market. It is not uncommon for many individuals to develop a “wandering eye” and start considering new job opportunities even when the market is not thriving. This phenomenon can be attributed to several factors that stem from the job security or challenges posed by the volatile economic environment. Employers who acknowledge these unique challenges will be better positioned to attract and retain top talent, contributing to the long-term success and stability of the organization. Economic instability can often lead to layoffs, downsizing, and financial difficulties for companies. This creates an atmosphere of job insecurity among employees, prompting them to explore alternative employment opportunities that may provide more stability. This “jumping the ship” mentality can indeed create unrest among the individuals who remain with the company. The reality is that people naturally prioritize their financial wellbeing over anything else, including the company’s longterm success.
People develop lifestyles based on their salary, the thought of an abrupt reduction in income that can disrupt their manner of living is terrifying. When the market is unpredictable, or when companies implement measures such as salary freezes, bonus eliminations, or benefit reductions, individuals become skittish and begin to look for higher ground. In recent years, the pandemic has underscored the viability of remote work. However, for organizations contemplating a return to the office, it is imperative for them to thoroughly scrutinize the underlying motives behind this decision. Employees, and managers alike, are inclined to explore positions that align with a work-life
balance suitable to their circumstances and offer the flexibility they desire. If employees perceive the return to the office is rooted in a lack of trust, they are more likely to seek alternative employment opportunities regardless of whether the economy is stable or not. It’s essential for managers to take responsibility and address this issue with their HR departments and look for ways to foster a more positive and stable work environment and minimize the talent bleed.
It has been reported that 61% of the workforce will be looking, or thinking about looking, for new opportunities. Because of this, employers cannot rest on their laurels and expect employees to stay put because they are too frightened to make a move. It is important to recognize that attracting and retaining talent, during periods of economic instability and economic growth is predicated on the company culture, sound leadership, and employees feeling valued. This requires a nuanced understanding of the multifaceted variables that influence job seekers' decisions. Employers need to proactively address these variables and craft an appealing work environment that considers the employees’ evolving needs. By doing so many companies can increase their chances of attracting, retaining, and motivating their workforce even in the face of challenging economic conditions. In the end, there are many variables that come into play when someone is looking for a new role, especially in an unstable economic environment. The ultimate goal is to always look for ways for your employees to feel as if they have cultivated stable roots within their position that sprout loyalty no matter the economic condition whereas they can be down with the other OPP (other promotion possibilities). 8
