Now that we have a better understanding of what The Great Resignation is, we ask well what happens next? Is there hope for recovery?
A number of experts on this phenomenon have come up with ideas of what to expect in 2022 as an aftermath of The Great Resignation.
Global pandemics require employees to rethink employment policies, finding new ways to keep employees productive, engaged and most importantly, safe. The result was a rapid level of change compressed in a short period of time. Such major changes were inevitable and bound to have unpredictable effects in all aspects of business.
Far Reaching Changes:
As a result of following traditional wisdom, supply chains, built to reduce costs and inventory levels, collapsed with astonishing speed, and manufacturers learned that supply chain resiliency is more important than cost reductions.
Those companies that can afford it have raised pay rates above minimum requirements. Retails and hospitality companies have moved away from traditional pay structures based on low hourly rates or rates supplemented by tips to a more reliable wage structure.
Many Employees Love their Newfound Freedom:
The economic and social turmoil in todayโs world led to many employees enjoying the freedom of working from home. The newfound independence associated with remote work changes the way employees relate to management, customers, colleagues and their jobs.
Work-life balance can be achieved by some employees by working remotely, while others find it impossible to draw the line between work and a personal life.
The Great Resignation by the Numbers:
High numbers of employees have decided to seek new employment as the world reopens. Therefore, employers are scrambling to retain key employees, but traditional benefits may not be effective in attracting and retaining top talent.
The Skills Gap Complicates the Picture:
Many manufacturing jobs lack the flexibility to work from home, but skilled workers can transfer their skills and experiences. They are leaving the industry or switching employers at a high rate.
The current business climate has created a perfect storm for employers, and the skills gap has simply added to the pressure.
There is Hope:
Employers, for their part, might have to be more flexible with their work-from-home policies, mandatory retirement age, job sharing and other perks that employees highly value.
Upskilling and reskilling training may be necessary, and they may have to absorb a greater part of the cost.
Above all else, they need to recognize that employees value companies where the leaders are respected and admired, and ensure that managers are trained in the soft skills that contribute to employee satisfaction.
If they no longer live in high-cost areas, employees may need to temper their expectations regarding remote work and high salaries. As a result, they will have to decide whether they want to stay with a company they know and the relationships they have forged there compared with a shiny, unknown job at a new company.
Source: Scott Sherman, 2022
