In the 1930s, there was the Great Depression. In 2007, it was the Great Recession. And now, in 2021, we are facing the Great Resignation. Employee turnover has increased, and most of which is by choice.
More than 95% of workers are quitting their jobs. Some are quitting because they don’t want to return to the workplace, while others are quitting because they can’t work from home anymore. To this majority, starting their own business or being a freelancer seems like the best move they can make now.
The pandemic has caused many people to reevaluate their life choices, especially those related to work. Unfortunately, many employers are still recovering from the loss they incurred in 2020 and, therefore, unwilling to hire more people and distribute the workload.
At the same time, some employers have grown accustomed to the fixed cost savings gained from offering the work-from-home facility and are unwilling to let go of the money they are saving by not opening their offices.
Regardless of the scenario, millions of employees are slowly losing faith in employers and ready to say, “I quit.” Human Resources decision-makers and recruiters are scrambling to revisit their hiring practices; however, most are still unable or unwilling to understand that the issue isn’t normal.
Under normal circumstances, more people quitting means a healthy economy, one where there is an abundance of jobs in the market. However, 2021 isn’t normal – by any standards.
Why Is the Great Resignation Happening?
Working from home changed people’s minds, hearts, and preferences. Work is no longer about paying the bills; it has now become about accommodating one’s life. For some, it’s a nine-to-five job after which they are free to do as they please. When working at the office, they had to commute, which would eat up at least two hours every day.
For others, there is now no difference between a workplace and where they rest, which leads to frustration and, later, burnout.
Still, both employees have one phrase on their lips, i.e., “I quit.” Some want to say it because they demand change, while others are ready to say it because they don’t want any change.
So, What Do Employees Want?
The pandemic has shifted the status quo slightly in favor of employees. They still need to pay bills; at the same time, they also want flexibility. With the vaccines rolling out, employers want to reopen their offices as soon as possible to bring this status quo back and reduce employee turnover.
Employees are now looking for time. Before the pandemic, there was no concept of going out and playing with your dog once you are tired of watching the work computer screen. The commute was unavoidable. Family members knew that they would have only a few hours with each other. Now that employees have seen the other side, they aren’t willing to go back to the way things were.
The Great Resignation is here, and it might be time for employers to revisit what employees really want from the job and achieve a balanced status quo. Employers need to understand that it’s not just routines that changed with COVID-19, but lifestyles changed as well. To retain employees, they need to provide a new balance to them at work and at home, which may warrant revisiting the work-from-home policies currently being adopted.
