Last year saw the buzzword “quiet quitting” used to describe people doing the bare minimum effort required to keep their job.
This year, the buzzword “climate quitting” is being used to describe younger workers leaving their jobs as a result because of employer inaction on environmental, social and governance issues. In a recent survey, KPGM has revealed that one-third of young employees have turned down job offers as a direct result of their employer’s stance on climate change.
A question asked throughout the asset management industry is “Will it have an impact? And if so, how bad will it be?”.
Caroline Walker, managing director at Cavendish Employment Law, has this to say on the matter:
"Asset management companies that need to attract top talent will need to ensure they can appeal to this group of future leaders by appealing to them with their ESG commitments."
Later on adding that employers who want the best employees should have a "clear plan" for ESG. "Employees will want to see the policy is a genuine reflection of the business objectives and not just empty words".
Whilst the short-term effects are less likely to impact the industry, the long-term effects may be damaging on the industry’s future.
At Cavendish Law, we are specialists in employment law and have won many high-value claims for senior employees and executives. Get in contact with us today for immediate expert advice.