Human Resource Development Cell, SRCC
Deciphering The Great Resignation
Do you feel happy while you work? Do you like your job? Would you rather be happy at home with your family?
A poll revealed that people are leaving their jobs globally. In 2022, 41% of people who were now employed in the world planned to quit working. We are currently in the midst of the "Great Resignation", which Anthony Klotz describes as a pandemic epiphany where people started leaving their jobs voluntarily.
The primary issue in this situation is, why do people quit their jobs? Where are they going, and perhaps more importantly, should you think about leaving too?
In August 2021, 4.3 million workers in the US left their jobs. There are currently at least 400,000 skilled job openings in Germany, where 1/3 of the enterprises lack competent personnel. According to data gathered from the Organization of Economic Cooperation and Development (OECD), at least 20 million workers have not returned to work in 38 of the OECD's member countries, since the Wuhan virus struck. The attrition rate in the technology industry in India might reach 23%. Many low-wage garment workers in Vietnam haven't gone back to the factories. 1 in 6 employees in the Caribbean, ages 18 to 29 has stopped working. The tech sector is experiencing a labour shortage both here and in China. THE GREAT RESIGNATION IS HERE!
WHY DID PEOPLE START QUITTING THEIR JOBS?
20% Lack of Flexibility
16% Employers did not support well-being.
14% want to work at organizations that are more aligned to their values.
10% say that they do not have security at work.
However, the point to be noted here is that not everyone is leaving their jobs because of the above-mentioned reasons. The elephant in the room is work life balance, a concept that rose to fame during the pandemic.
For years, our lives have revolved around our work. We planned our week based on our work schedules, we socialized only on off-days, and compromised on vacations to save on paid leaves. The pandemic held up the mirror and forced people to see the unpredictability of life to reflect on what really matters to them. Many realized that that it is not work or at least not their present work, so millions began re-imagining their lives and started looking for news jobs.
WHAT WERE THE EMPLOYEES LOOKING FOR IN THEIR NEW JOBS?
40% said the ability to work remotely according to personal preference as that is what people want. People are looking for jobs that are flexible, remote, that have shorter work weeks. They want a job that helps them maintain a work life balance period.
WHAT ARE COMPANIES DOING TO RETAIN THEIR TALENT?
Well, some companies are offering higher increments and bonuses. Some employers are even giving collective holidays. German e-commerce companies “Zalando” for example, offered the staff a collective leave by offering a holiday in the entire 1st week of August so that all employees could take a break. These benefits are exciting but if a company is to survive the Great Resignation it must deep dive into an employee's mind and see what they really want.
Flexibility is the term, companies must allow people to continue working from home, they must change the hybrid model for good, they must also become diverse and by that, I mean that they should look for employees with different needs also.
Companies must realize that employees are tired, and many are grieving, they need to be given A REASON to return to work every Monday. So, give them better health policies, come up with better family engagement policies, reward your employees and make them feel valued. It is time to reimagine work, reimagine office culture and reimagine leadership because if you don’t then some other companies will and take away your employees. Thus, you will lose out in the race of talent.
WHAT SHOULD YOU DO?
How do you know that you should quit your job or continue working where you are right now? So, it’s for you to decide what you want to do, what suits your economic situation and what helps you to pay your loans and support your family. You alone know what works for you, is it the safety of a 9-5 job or the flexibility of freelancing. You see survival is what matters, that is a battle that you alone need to fight. So, if you are content in your current workplace and like what you do, the people you work with and have a job that pays your bills and shows your growth, and a job that you are happy to return to every Monday then, why fall for the great resignation?
By- Vidhi Agarwal