The Great Resignation
Employees in today’s firms look for opportunities to grow, network, and succeed, as well as to find purpose in the firm, as the focus has now shifted from Employee Experience to Life Experience of Employees. The onset of the COVID-19 pandemic led to a massive disruption for the workforce and caused an unprecedented phenomenon.
41 percent employees of the global workforce considered quitting their jobs due to the pandemic as per the Microsoft Work Trend Index, and this led to the onset of the Great Resignation. There are multiple negative ripple effects of the pandemic and the process of re-evaluating how to retain talent is complex.
Psychologist Anthony Klotz coined the term and predicted the phenomenon due to the ‘pandemic epiphanies’ which is a term for burnout among employees and shifting preferences.
Most firms counter Great Resignation through Great Retention, by bringing about changes in their compensation and benefits structure, however this is not merely enough.
Researchers at McKinsey found that employees are tired and want a ‘renewed and revised sense of purpose and shared identity in their work’. There exists a four-fold approach to combatting the Great Resignation: firstly, work flexibility, adopting digital infrastructure, and cultural support are of pivotal importance. Secondly, effective collaboration at the workplace makes employees feel empowered and valued. Thirdly, implementing employee rewards and recognition to encourage employees and increase engagement and satisfaction. Lastly, multiskilling and productive training are imperative to adapt to changes in situations that demand. Additionally, amplifying employee mental health and promoting employee resource and assistance groups creates a service for employees to utilize in case they face a challenge in balancing their personal and physical responsibilities. These techniques will help firms in avoiding the Great Resignation and fostering a culture of commitment and collaboration.
Due to the pandemic, resignation rates have been at their highest among mid-career employees, especially in the technology and health industry.
This phenomenon has inspired other terms that describe work revolution, such as ‘The Great Reset’ and ‘The Great Reimagination’. Overall, to avoid this massive disruption in the professional space, firms need to take quick and efficient action.
((Deveshi Malhotra is studying B.Sc. Social Science at UCL, London)
