For subscribers
Welcome to the great hunkering down
Why aren’t more people quitting their jobs?
Sign up now: Get ST's newsletters delivered to your inbox
Employees’ propensity to quit has plunged since its peak in 2021. For one thing, there is plenty of macroeconomic uncertainty about, says the writer.
ST PHOTO: JASON QUAH
Sarah O’Connor
How times have changed. Four years ago, there were reports of law firms inviting staff to bring their dogs to the office, while some bankers enjoyed “summer Fridays” – characterised by one Wall Street analyst as: “Log into Teams, check e-mail, then live my life.” Now, the news is generally of perks being withdrawn and even of companies requiring staff to put their mobile phones in lockable pouches to improve security, “remove distractions and build discipline”.
It is always possible to find some sociological, technological or managerial explanation for these changing trends. But the waxing and waning of workplace perks is usually an indicator of one key thing: the shifting balance of power between employers and employees. In more normal times, this looks like a gentle push and pull in line with the economic cycle. Over the past five years, it has been more like a whipsaw.
