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EY CEO on the labor shortage, workers quitting at a higher rate

Yahoo Finance's Alexis Christoforous spoke with Carmine Di Sibio, EY Global Chairman & CEO about labor shortages due to the increase in workers resigning from their jobs.

Video transcript

ALEXIS CHRISTOFOROUS: And I want to begin with the great resignation, something we keep talking about here at Yahoo Finance, a record number of Americans quitting their jobs. And I know EY was out with a study recently that found more than half of the workers say they left because they thought their boss was unsympathetic to what they were going through either at work or in their personal lives. Talk to us about the importance of empathetic leadership when it comes to trying to retain your workforce.

CARMINE DI SIBIO: Well, Alexis, first of all, thanks for having me here. It's great to be with you from London. We actually have our global leaders here together in London for the first time in two years. So we're all excited to be here. Look, this is a topic right now. I was just talking to our team in terms of the importance of people, the importance of being empathetic, the importance of making sure that we're taking care of our people. And, you know, we talk to our clients about this all the time.

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We've actually hired 115,000 people in the last year, but we've also lost people. And, you know, one of the surveys out there is that over 40% of the people out there are just looking to change jobs coming out of COVID because they want to do something different. So, you know, the culture of the organization, Alexis, is incredibly important. And our culture, and hopefully many companies' culture, is around taking care of their people.

And that was really shown during the pandemic. I think companies that took care of their people, I think they're being rewarded now. And companies that didn't or didn't really care about it or were not empathetic, then I think they're the ones that are losing people today. So it has been and it is a time of what I say is churn. There are a lot of people leaving their jobs. But there obviously are also a lot of people hiring and changing jobs. So, we all have to be prepared for this, but it is a time of great transition for many people.

ALEXIS CHRISTOFOROUS: Well, certainly, your clients are some of the biggest companies in the world-- Coca-Cola, GM, AT&T, Lockheed Martin. What are they telling you when it comes to finding workers, retaining workers? What are some of their challenges right now? And how are you helping them navigate that?

CARMINE DI SIBIO: Well, let's start with being flexible. So this gets into the whole idea of, you know, are you being flexible, are you being fair, are you paying fair wages. But today, everyone wants their employer to be flexible with them. That might mean amount of time at home or in the office or virtual. That might mean having flexibility around holidays. We know those are all really important to people.

And probably the most important thing is that people are learning. They're learning a skill set, especially younger people, Alexis. And we're telling our clients, you have to be laser focused on your people, laser focused on making sure they're getting trained and they're getting upskilled. That's one of the most important things today because many of our workers, many people have to be upskilled in terms of what are the jobs of the future. And obviously, a lot of that is around technology, it's around artificial intelligence, it's around different technologies around the world.

And so that is important, and we're telling our clients that that's got to be a major focus. And many of them are going through a transformation. They're going through a transformation in terms of their talent, their focus in terms of what their people should be looking at. So there's a lot to be done. And it's a time where we're going to have winners and losers when it comes to talent.