The Great Resignation
On the other side of Covid-19 is a world filled with possibilities and with it came the Great Resignation.
While many companies may view the Great Resignation as a bad thing, the truth is it ignited the fire of possibility. It’s time to say goodbye to the old way of doing things and say hello to the new. Here’s what your company can do to benefit from the Great Resignation.
What is the Great Resignation?
The Great Resignation began in early 2021, just under a year from when the covid-19 pandemic gained global momentum. At this time, many people voluntarily quit their jobs for various reasons. 1 out of 5 adults quit their job by choice in 2021, according to Pew Research. Many corporate workers found that they were successful in pivoting to working from home and when companies decided to reinstate their in-office policies, workers had a taste of freedom that they’ve never had before and committed to continue doing so. This led many employees, especially those in the US, to quit their jobs.
What led to the Great Resignation?
During the height of the pandemic, with rising death tolls and hospitalisations, few left that moment unscathed. This caused many of us to self-reflect and question ourselves about how we prioritise our families, ourselves and those we love. With that came a collective eye-opening experience. The necessary shift from working in an office to working from home highlighted the amount of time we spend with our families versus how much time we spend working. Prior to this moment, not many people were considering their work-life balance and out of this global crisis came consideration for how time and energy were spent.
Reasons for the Great Resignation
Better work-life balance
As many companies pivoted to the remote work model, many found that they were able to balance their lives better. They found that they spent less money on travel and other day-to-day expenses such as lunch, as people were now able to find time to cook in-between tasks instead of buying lunch every day.
Women and homemakers benefit
Women disproportionately take up space in service industries, like hospitality, education, and childcare services. These industries were affected the most by lockdown restrictions and women were particularly vulnerable to retrenchment, forcing many to supplement lost income by upskilling and starting small informal businesses from their homes. This allowed them to avoid some of the mitigating risk factors surrounding Covid-19.
By the time the workforce went “back to normal”, many had discovered new avenues of income that allowed them to be home with their families. As the predominant caregivers and homemakers, women particularly benefitted from the work-from-home model, as they were able to multi-task and strike a balance between their household duties and their work tasks – an opportunity many have never had before.
Better international opportunities
The pandemic caused the world to get smaller in the best way possible. With the entire global workforce working remotely at one point, many large corporations were able to open up opportunities to candidates without the hassle of visa sponsorships.
Better yet, candidates in the global south were suddenly viable candidates for multinational organizations. Cost-to-company for candidates in the south is less than those in the north, while compensation for the candidate is more competitive than local offerings.
3 ways companies can benefit from the Great Resignation
1. Consider employees’ work-life balance
While work-life balance might be a reason to leave a company, you can make this a reason to join. Think about how your company is currently enforcing this balance and find ways to improve. Depending on your industry, you can find ways that allow your team to work smart, not hard. If they are able to meet deadlines or KPIs, give them some time off to enjoy with their families. Or encourage employees to share social events, like birthdays or holiday celebrations on internal communication channels to build rapport and motivate people to spend more time with their loved ones.
2. Consider Accessibility
Accessibility has been a buzzword in the industry for quite some time now, and rightfully so. As more and more companies implement a hybrid work model, there are more opportunities for people with various disabilities.
People with hearing disabilities are able to participate more in virtual events as many online platforms offer automated audio transcription features or integration software. People with physical disabilities have also been excluded from numerous industries, but perhaps in the process of rehiring this might be time to check for ableism and exclusion within the workplace.
3. The Great Rehire
The market is saturated with opportunities for both candidates and company talent acquisition. While companies may have gaps to fill, their possibilities are endless with candidates from different parts of the world. Sometimes people can become stunted by longevity. Hiring new people could mean new and updated insight into processes and strategies. And who knows, your next hire might be more qualified or better suited to meet the business objectives of the future.
Take advantage of recruitment agencies like Believe Resourcing to help you fill the gap in your organization. With a database of highly qualified candidates across the globe, your hiring process can be streamlined with the help of cutting-edge AI.
