#Thoughtleadership | #Trends | #GreatResignation
One of the most unexpected consequences of Covid 19 is the Great Resignation. Most organizations struggled to stay afloat on account of supply chain disruptions, slower customer demand and overall reduced economic activity, forcing some companies to lay off their staff. On the other hand, despite these tight conditions, many employees CHOSE to resign.
A study by Forbes suggests that the difference between new job openings and unemployed workers is as huge as 3 million. For the very first time in 90 years the employers are contesting among themselves to get even a single position filled and the scenario on the side of employees is totally antithetical. There were way more jobs available on board than the applicants for it. Many despondent employers took to social media to initiate the wave of accusations that “No one wants to work anymore”. The employee force is smart enough to recognize the leverage they were getting for the very first time in their whole career. For the first time, the company needed them more than they needed the company.
While more pay and higher flexibility is the obvious payout with which organizations are tackling the Great Resignation or Great Revolution. This article collates insights from senior HR leaders and professionals who are looking to intercept the ongoing dropouts. Simply put, this may be a defining moment not only in human history but that of your company as you redefine the culture to crack the code to steer the Great Resignation to greater good.
What really motivates the employee force?
- Better Work-Life Balance: With the loss of loved ones and on experiencing illness, we have all set our priorities right. Health and family are always at the center of our considerations, but now action is matching words and thoughts. Also, the flexibility that employers offered during Covid due to lack of choice, has revealed that there is no need to be apologetic. It is alright to care for parents, children, ourselves while continuing to be ambitious and productive. Better work life balance is now one of the major impetuses to massive quitting of jobs. If the demand for more flexibility is something they are unable to get in their current employment, they prefer to step down from the position.
- Acknowledgement for Performances: It’s all about being valued and seen. In the remote or hybrid world, where we have all felt alienated, alone or saturated, the need to acknowledge and appreciate each other has become more important than ever. Most of the employees want to be recognized for their work. Lack of acknowledgement and praise from the manager results in increasing disinterest or disassociation among employees for the enterprise.
- Toxic Culture Lingering in Workplace: Happiness or wellbeing is forming a key consideration for all choices. People want to spend more on comforts than saving due to being compelled to live for oneself and in the moment. A study by Inc. suggests that “A toxic corporate culture is by far the strongest predictor of industry- adjusted attrition and is 10 times more important than compensation in predicting turnovers.” Organizations need to reflect on their culture and whether they are able to provide an inclusive culture (including those opting for remote or hybrid work); failure to provide diversity; disrespect and unethical behavior towards coworkers.
In a nutshell, getting to know your employees a bit better by building a strong employer-employee relationship and getting them involved in projects in toto, this could prove a crack for you to stand out in the ongoing rat race among employers.