Good morning from the soggy state of Connecticut.
Are you looking for a new job? If you aren’t, you are in the minority—at least according to a survey that came out last week from PwC. The firm polled roughly 1,000 U.S.-based employees in early August and found 64% were looking for new jobs—a stunningly large number.
This may turn out to be the largest unexpected consequence of the pandemic. The last 18 months have been a remarkable demonstration of how millions of knowledge workers could shift to work from home, avoid soul-sucking commutes, spend more time with families, and maintain or even improve their productivity. But what was lost was a sense of connectedness with their employers and fellow employees. The glue that held organizations together has clearly been weakened. And even though unemployment remains high, workplace mobility is even higher.
Why do people change jobs? The number one reason, according to the employers surveyed by PwC, is higher pay and benefits. That accounted for 64% of the movement. So don’t let anyone tell you that people don’t work for money. But the bigger question raised is this: in a work-from-anywhere world, how do you maintain the ties that holds organizations together, without having to worry that your employees will leave every time someone flashes a few extra dollars in front of them? That’s the challenge that needs serious attention: How do you create a sense of corporate community and common purpose in a socially-distanced world?
I’ve talked to a lot of different leaders about this challenge over the last few months, and heard about a variety of tactics, but no simple playbook. Still, there is one clear result: the focus on attracting, retaining, listening to, and engaging employees—which grew stronger during the pandemic—is going to continue even as the pandemic wanes. Talent rules, today more than ever before.
More news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
TOP NEWS
Pfizer-BioNTech approval
The Pfizer-BioNTech COVID-19 vaccine is expected to get full approval this week from the U.S. Food and Drug Administration. FDA approval would hopefully tempt more Americans to get the jab, by signifying its safety. Fortune
Boosting boosters
The scientific case for COVID booster shots is growing, with some experts saying third Moderna and Pfizer-BioNTech doses could help fend off a wider variety of virus strains. Fortune
China zero
China has apparently eliminated its latest COVID outbreak. The playbook for reaching zero cases was much as it was previously—mass testing, mass quarantines—and it again took around a month to prove successful. Fortune
Bitcoin rises
Bitcoin is back up above the $50,000 mark, reaching levels not seen since May. Its record was around $65,000, in April. Other tokens have also been recovering. Fortune
AROUND THE WATER COOLER
Big Day Care
The U.S.'s biggest day care providers have so far survived the pandemic, which crushed many of their smaller counterparts, and are now emerging as "the strongest remaining pieces of the nation’s decrepit childcare infrastructure," writes Fortune's Maria Aspan. The question is, will companies such as KinderCare and Learning Care Group "be able to prop up the post-pandemic U.S. childcare system, overcoming the many long-standing problems that have plagued parents, employers, care workers, and even the providers themselves?" Fortune
Pay gap
In the U.K., the gender pay gap widens near the top. New data shows female board members at FTSE 100 companies are paid around 40% less than their male counterparts; the gap in the broader job market is around 15.5%. Financial Times
Illumina antitrust
The European Commission is furious at Illumina's decision to complete its $7.1 billion takeover of Grail (a former spinoff of the genetic-sequencing firm) despite having been ordered to press pause on the deal, while the EU looks into the antitrust implications. If the Commission decides Illumina has broken the EU's antitrust rules, it could now face a massive fine. Wall Street Journal
German election
The latest voting-intention poll in Germany shows the current coalition partners—the center-right CDU/CSU and center-left SPD—to be neck-and-neck for the first time. It's a remarkable rise for the SPD, which was written off as a potential winner just months ago, and a remarkable plummet for the CDU, whose candidate Armin Laschet has failed to inspire. Both factions are around 22%, with the Greens five points behind. Germany could be looking at a left-led government soon, though there is still a month to go before the election. Politico
This edition of CEO Daily was edited by David Meyer.
