This guide outlines what is happening — and why — with the Great Resignation, and the impact it could have on businesses.
The workforce changed after the pandemic began. Workers and employers had to consider things and make decisions they would never have thought about before. It led to massive changes in the workforce, especially regarding employees choosing to stay in their current positions.
Anyone who wants to learn what businesses should know about the Great Resignation affecting every industry can read these critical factors. They explain what employees want and how business owners can work with them to create the professional environment they need to stick around long-term.
The Great Resignation is genuinely happening
People will post anything online and share headlines without reading stories. It makes it challenging to know what the facts will support and what’s untrue. Many business owners wonder if the Great Resignation is even happening, but research shows that it is.
Employment experts found that there were 4.4 million resignations in September 2021, higher than any pre-pandemic figures. Everyone’s reevaluating their professional and personal priorities after the pandemic turned life upside down. In many cases, people won’t settle for jobs just to pay the bills. They want their employers to prioritize their needs and hear their concerns.
Employees Want Flexible Schedules
When the world began to quarantine in early 2020, many people lost their jobs. They worked in in-person positions that either couldn’t happen from home or weren’t structured to make that transition. COVID-19 isn’t going away, so unexpectedly having to work from home is an ongoing possibility.
Flexibility is one of the first things that everyone should learn when discovering what to know about the great resignation. A recent survey revealed that 78% of workers want location flexibility, while 95% want more flexible professional schedules. It’s a significant increase from previous generations who didn’t have a choice between office jobs and remote work.
Integrating new technology into the workplace is an excellent way to ensure less rigid schedules. Cloud-based programs are accessible from anywhere and digitally secure, so you won’t have to sacrifice data safety to retain employees. Efforts like these are reassuring to employees because they won’t fear another round of layoffs if the office has to shut down temporarily.
People Need Higher Wages
Consider your budget when you wonder how the great resignation could affect your business. Higher wages are among the most significant worker demands that will result in resignations if they go unheard or unmet. Pandemic effects caused inflation to rise to 7.5%, the highest rate since 1982.
Meanwhile, hourly wages have remained relatively stagnant since 1973. People can’t buy as much with their paychecks, so negotiating more liveable wages is necessary in the post-pandemic world. Business owners who reflect on their budget and make room for paying their employees higher salaries won’t become as affected by the Great Resignation because their staff will be much happier to stick around.
More Virtual Jobs Are Available
Remote jobs are beneficial to employers and their team members. Businesses can stay open no matter what, while employees can gain more control over their life by working from home after taking part in the Great Resignation. Companies are opening more virtual positions in response to the pandemic, so people are quitting their jobs to seek remote employment if it’s something they can see themselves doing longer than the average quarantine period.
People Are Becoming Entrepreneurs
Increased competition is another way the Great Resignation could affect your business. Starting a new business gives people permanent employment if they can meet their customers’ needs and adapt to world events. It’s more appealing to some workers who may not enjoy traditional jobs or trust the status of their employment. They may open a company in the same industry and increase an employer’s competition locally or nationally.
Workers Want a Safe Work Environment
With COVID-19 still around, people want to work for employers who care about their safety. Given that only four states enacted emergency safety standards and enforcement measures throughout the pandemic, companies don’t have to worry about any legal ramifications of not enforcing things like mask-wearing or vaccination statuses.
Anyone who wonders what they should know about the Great Resignation should prioritize workplace safety precautions. Establishing and reinforcing health-conscious rules demonstrates genuine care for employees that will build trust and a long-term team.
Resignations Affect Certain Industries More
Some industries are suffering from the Great Resignation more than others. Although you might think retail and other customer service positions would need to replace team members more often, the tech and health care sectors have seen the most resignations.
Analysts found that tech resignations increased 4.5% and the health care industry by 3.6%. Those rates may have to do with burnout, wages and other factors affecting other professions. It depends on which employers are willing to hear their team members out and make changes as necessary.
People Want Their Concerns Heard
Resignations don’t necessarily mean people want to leave their jobs. They may love what they do or who they work with, but they have to leave if their employer doesn’t value their voice. Any business owner can sit down for one-on-one conversations and strategize ways to meet people where they are and find solutions to the most significant needs.
Summary
After reading what businesses should know about the Great Resignation, the path to retaining employees should be more straightforward. Taking these concerns into consideration and working with team members will prevent anyone from quitting because they’ll feel heard and valued.
