The Real Reason Why Great Resignation is Going To Stay in 2022

Do you like your job? Are you content with going to work? Or Would you rather be with your family at home doing something else?

The world's 41% of the working population plans to switch this year. Currently, almost ninety-five percent of Americans consider quitting their jobs; many already have. We are midway through the Great Resignation. Associate Professor of Texas A&M University Mr. Anthony Klotz calls this trend a 'Pandemic Epiphany.'

Through this article, we will analyze what has led to such a tremendous shift towards working. And we will examine the real reason why the great resignation is going to stay in 2022.

Why are People Quitting Their Jobs?

Let's have a look at the numbers first.

Microsoft conducted a survey finding that over 40% of employees wanted to quit their jobs in 2021.

In the US, during August 2021, around 2.9% of people have quit their jobs, equivalent to a 4.3 Million working population.

⅓ of the companies in Germany are looking for skilled workers, with over 400,000 job vacancies during that time.

According to the data submitted by the OECD (Organisation for Economic Co-operation and Development), in the 38 member countries, 20 million people have not returned to work since the pandemic outbreak.

India's tech sector attrition rate has risen by 23%.
Almost 17% of the workers between 18 to 29 have quit their workforce in the Caribbean.
The tech sector in China has a workforce shortage.
Welcome to the era of Great Resignation.

How it all began

Why did People start Quitting Jobs?

Unemployment compensation ✔️
Incompetent Pay✔️
Relocation✔️
Phobia of face-to-face interaction ✔️✔️

Although, this is just one side of the coin.
It's not only for the unemployment benefits that people are quitting their jobs, or to look after their elderly or child, or because they have relocated with their family during the pandemic.

The real reason is work-life balance! Before the pandemic, our lives revolved around work. Weekly planning was done as per the work calendar. People used to go out and socialize only over weekends, prioritizing work meetings. They compromised on vacations only to fix deposit paid leaves.

Undoubtedly, things have changed now. The working class has understood that life is unpredictable, and it is vital now to reflect on what matters to them.

Where Are They Going?

People have realized that a job is not their long-term fix, at least not their current work. Millions of them started rethinking their lives. Those who have realized this thought have:

Moved to the suburbs and locked up their city homes; they didn't want to wait until retirement for the greener pastures.

Started freelancing, quitting their full-time jobs. They want to spend more time staying at home or with their close ones.

Gone back to pursue higher education or switched their field. For them, life is too short to survive in the wrong career. Many turned their hobbies into a full-time job, considering this to be the right time to do so.

Been trading full-time. As of February 2021, at least 106 million people have been trading in cryptocurrency. Thanks to the raging Crypto.

Interestingly, many decided to go for a startup. The start-up boom has accompanied the Great resignation.

To solidify the grounds, let's look at some more numbers.

After the pandemic struck, 1.4 million start-ups registered in the US alone in 2020.
1600 startups have been registered in the tech sector in India.

Certainly, there is no doubt that the Great resignation is the new name for the worker's revolution. It's an inheritance of the Pandemic. It has given people modern respect for themselves and instilled a new life.

A survey was conducted asking people why they resigned. The following was the breakup:

40% of people reported burnout at work
20% want to work in an environment that is flexible
16% said that the previous employer was not supporting their well-being.

The next question arises: What are they looking for in their new jobs?

40% of the people wish to work remotely, based on their personal preferences.

Gone are the days when people's lives revolved around their jobs. In this post-pandemic era, people want their jobs to circumscribe into the lifestyle of their choice.

Parents might want a job that could support them with flexible hours, so they could have a couple of hours to drop their children at school or look after them.

A millennial may not wish to hustle 10 hours a day. They may look for work that requires 5 hours of constant focus and an employer who would admire that.

Some people may want to look for a permanent remote work setup.

Today people are seeking jobs that have

Flexible working hours
Remote work model
Hybrid work culture
Have compressed weekdays

In a nutshell, people want a job that benefits them with a work-life balance. Period.

What Can Companies Do to Retain Talent?

Let's have a look on the employer's side now. It was tough during the first year of the pandemic.
Offices were closed at first. After they reopened, the operations were downsized.

Now as the economy started recovering and coming back to the new normal, workers started quitting.

It turned from bad to worse. The United States has 10 million open job positions; on the other hand, 400,000 skilled workers are needed in Germany.

Now how are the employers planning to retain the talent?
Companies are providing higher bonuses and increments. Reports suggest that low-paid workers have been offered higher wages since the Great Recession.

Some companies are even offering collective holidays. Zalando, a German E-Commerce company, proposed a collective leave to its staff. In August, the company had shut down its offices so that all of its employees could go on a break.
Many companies are providing coupons for food delivery too!

It is evident that to survive this Great Resignation; companies must in-depth analyze the employee's mind and understand what she wants.

The solution lies in the term 'Flexibility.'

Companies should:-

Provide the option to work from home if the employee wants to
Switch to the Hybrid Working Model for good
Bring in more Diversity.

They should also look at and understand employees with different needs.
Let a parent spare an hour out from their busy schedules for their child if they wish to.
Let someone work from home if they wish to.
Companies should re-position their Human Resources to promote flexibility because a single paycheck is not enough for the employees today.
They must also address the burnout rates amongst their employees and connect their people with a sense of purpose. This will support an employee to return with zest every Monday.

It is vital to assure them with caregiving policies, work on better family engagement policies, recognize and reward them for their achievements and good doings.

Also, it is crucial that the employee feels valued in the company. The time has come to reconsider work, review office culture, reconsider leadership.

Because if they don't, some other company will, and they will lag in the race for acquiring skilled talents.

Should You consider quitting too?

This is probably one of the most heart throbbing questions of this decade.

The key is in your hands to choose the door you wish to enter and stay in for the time being or maybe for the rest of your life. Make an informed decision considering your economic situation, what helps you sustain your livelihood and keep you and your family happy.

Because it is only you who know what works and what doesn't for you.

Is it a 9-5 or a flexible work setup, a startup, or freelancing?

You see, pursuing a passion or aspiring for dreams is all nice and good, but the battle of survival is the one you alone have to fight.

So if you are happy and satisfied in your present workplace, if you do what you like, the environment, the peers you work with, if you have a job that sustains your livelihood and secures your growth. A job you get excited for to return to every Monday.

Then why pay attention to the Great Resignation?

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This release was published on openPR.