The Great Resignation is Upon Us

According to the World Economic Forum, a wave of mass resignations is coming as the restrictions imposed by the pandemic begin to lift. With up to 40% of workers considering leaving their jobs, economists are warning that this “Great Resignation” could have far-reaching consequences for the labor market. But what is driving this impending trend? Simply put, this last year has prompted a cultural shift, and few workers want to return to the way things were.

The pivot to a fully remote working model proved that people don’t need to be in the same physical structure to collaborate, innovate, and deliver results. It also eliminated many distractions for workers, such as enduring prolonged commutes, juggling hectic schedules, and logging frequent flyer miles for business travel. With up to 37% of people spending fewer hours working, traveling, or commuting, workers have been able to fundamentally rethink not only their careers but their whole lives. So, when employers want to recall those workers back into the office, many of those workers will resist. A survey revealed that up to 30% of those surveyed said that they would resign if their employers required them to return to the office on a full-time basis. 

At the same time, workers have been reevaluating their career goals and the trajectory of their lives. These employees may consider resigning to focus on reinventing themselves, either by changing careers entirely or pursuing other interests. There is not much that employers can do to hold on to employees who want to switch fields. But they may be able to retain some workers by offering as much flexibility as possible. That flexibility extends beyond remote working locations and includes initiatives such as the following:

Engaging top performers. Your top performers are the ones who are most susceptible to burnout. So you need to ensure that you’re focusing on their career development and that they know they are valued.

Create a superior employee experience. We talk about customer and user experience and the importance of each in achieving strategic goals. However, we rarely think about employee experience, as evidenced by the fact that only 27% of people say their employee experience is good. 

Commit to continuous learning. If you wish to retain top talent, you need to invest in its development. Continuous learning does not mean merely offering training; it is a mindset that encourages new ways of thinking and doing. 

Be transparent. People want to know about any changes that happen ahead of time, rather than in retrospect. Transparency engenders trust. 

The pandemic has upended the very idea of work and the workplace itself. Employers who wish to remain competitive and be employers of choice will have to adapt to this new world order. Going back to business as usual is not an option, and failing to embrace the future of work will hamper creativity and growth.