Resignations amidst organizations around the world have surged recently since the past year. It is believed that the Great Resignation is the result of the pandemic and its effect on the workplaces -ranging from IT companies to corporate organizations, and a number of sectors or industry vehicles.
It is estimated that millions of professionals went ahead with quitting their jobs last year. It is primarily due to the unexpected changes that have been introduced by organizations once the pandemic started. The overall trend of constant resignations across the world from last year -especially in the United States of America, is known as the ‘Great Resignation.’
What exactly happened during the Great Resignation?
The year 2021 was the deciding year with the new normal way of lifestyle changing the way in which we work. It also helped in deciding the future of work. It can be regarded as a significant cultural and global event wherein around 41 percent of the total workforce is currently thinking about leaving their current job.
The Great Resignation can be regarded as a once-in-a-lifetime occurrence for which people should be ready. It is because it affects almost all groups of people. The phenomenon of the Great Resignation has already commenced in the western world -especially the USA and Canada. Unlike the layoffs that were observed during the early days of the pandemic, the event is now being driven by employees who are taking the drive forward themselves.
A number of studies have indicated that the covid-19 pandemic is the root cause behind the increasing attrition rates -all around the world. Some of the major changes that organizations across the world had to make during the pandemic were core drivers of the Great Resignation. It is because a number of employees started facing exhaustion or collective burnout due to prolonged mental and emotional stress.
As per a study report, it has been estimated that over 24 million individuals ended up quitting their jobs in the United States alone between the period of April 2021 and September 2021. There are estimates revealing that more than 20 percent of the nation’s total workforce continues seeking better job opportunities offering improved pay, better flexibility, and new challenges.
What to expect in 2022?
The Great Resignation is a complicated situation that is the byproduct of the global pandemic, shifting social outlooks, and remote work. However, it is quite understandable that people tend to quit during difficult and challenging times. Most took ample time to reflect on their overall job satisfaction. At the same time, others decided to take the leap of faith while saying goodbye to their current roles.
The Great Resignation implies an emerging trend in the global workforce that might influence businesses for the upcoming years. Professionals should be aware of the trends.
Just as we enter 2022, the Great Resignation continues. Some expected occurrences for the ongoing era are:
Researchers from all around the world expect that the Great Resignation will slow down its pace as human nature and enhanced retention strategies will take their course. A number of organizations across the globe are putting in efforts towards coping with the Great Resignation. This factor, in combination with the fact that humans are averse to risks, will imply more stability entering the market and people settling down.
Workers around the world are clearly no longer worried about losing their jobs in 2022. A sense of psychological stability and safety was introduced last year. Workers continued finding new jobs easily. Moreover, it is also estimated that a number of new jobs and abundant money will enter the new markets. Therefore, there will be higher demands.
As the ongoing pandemic serves to be a continuous public health emergency, it is quite natural that employees will find themselves working remotely. As an organization, you should allow employees to remain at home or visit the workplace as per their preference. A number of organizations nowadays allow the employees ample flexibility in terms of the overall work.
Employers that are not offering flexible work schedules are experiencing higher turnover. It is because employees eventually move to organizations offering a value proposition that is capable of better aligning with the desires of the workforce.
Competitive remote jobs
A number of organizations decided that working at home with remote flexibility during the pandemic will deliver more flexibility and quality time with loved ones. More time at home or any other remote space also offered the employees ample space and time to reflect on their goals, the future, and whether or not their current roles were being supported.
The resilience born out of the pandemic has inspired a number of employees to explore their respective career paths along with competitive opportunities with improved salaries and perks. Remote work delivers location independence. It helps in making more room for improved work flexibility while boosting employee engagement.
How should organizations react?
Organizations across different industry verticals are expected to understand the implications of the Great Resignation and its overall effects. It is possible that retaining employees will become quite challenging. Workers might even start asking questions about the salaries and benefits.
It is recommended to be always prepared while answering such questions. It will reveal that you are thinking about the repercussions of the workforce quitting their roles. Now is the best time to think about creating a relevant and viable emergency business plan. Your organization will definitely benefit from having an emergency business plan in place. It will allow you to be more prepared for future disasters that might negatively impact the overall operations of any business.
No organization out there would like to have its employees going through a negative working experience. However, it serves to be a driving force behind the advent of the Great Resignation. Currently, you can think about strengthening the employee retention strategy such that your organization does not become a victim of the dangers of the Great Resignation.