![]() ![]() 3 Between 20, large European companies were 20 percent less profitable, grew revenues 40 percent more slowly, invested 8 percent less, and spent 40 percent less on R&D than other companies, according to a sample of more than 2,000 European and US companies with revenue of more than $1 billion. Companies can’t get the people they need, and they are losing the workers they already have, while falling behind in areas such as technology and innovation that affect the region’s long-term competitiveness. We wanted to know if the talent trends we’ve followed for the past two years in the United States and other countries are having a similar effect in Europe. Now, we turn to Europe, where the destabilizing war in Ukraine, rising inflation, and growing fears of hiring freezes and job losses have created a difficult set of conditions for companies. We offered ideas for how organizations could look to different employee groups to help fill jobs. Are you searching the right talent pools?,” McKinsey Quarterly, July 13, 2022. 2 Aaron De Smet, Bonnie Dowling, Bryan Hancock, and Bill Schaninger, “ The Great Attrition is making hiring harder. We updated our research earlier this year, finding that workers were not only still quitting but also switching roles and industries, in what we dubbed the Great Renegotiation. 1 Aaron De Smet, Bonnie Dowling, Marino Mugayar-Baldocchi, and Bill Schaninger, “ ‘Great Attrition’ or ‘Great Attraction’? The choice is yours,” McKinsey Quarterly, September 8, 2021. McKinsey has analyzed this Great Attrition talent trend in depth, showing why people began quitting in droves and how companies, caught unaware, could respond. How do companies keep their current workforces happy while drawing the best people to join them? Talent leaders have been asking that question forever, of course, but the answers have grown much more complex since the COVID-19 pandemic set off an employee exodus that has shaken organizations across the globe. ![]()
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