Bracing for the Next Wave of “The Great Resignation”: Is Your Workforce Ready to Ride It Out?

The job market’s tides are turning yet again, and whispers of a second Great Resignation are circling. Let’s dive into what this means for the workforce and how companies can anchor themselves against the looming storm.

The Great Resignation: A Recap

The phenomenon first hit the headlines in 2021 as “The Big Quit.” Employees worldwide were handing in their notices, leading to a seismic shift in the job market. This exodus was fueled by the pandemic’s shift to remote work, burnout, and a collective reevaluation of work-life priorities.

The Exodus Explained

Microsoft’s Work Trend Index shone a light on the situation, with over 40% of workers considering a job change in 2021. The pandemic gave many the space to reflect on what truly matters, driving them toward roles offering better work-life balance, flexible work options, and opportunities for growth and reskilling.

The Ripple Effect on Business

This mass movement left businesses grappling with talent shortages, inflated recruitment costs, and the pressure of maintaining morale while existing teams shouldered extra work.

Pay Transparency

Preparing for What’s Ahead

As we navigate the post-pandemic economic recovery, the job market is buzzing. The PwC Global Workforce Hopes and Fears Survey of 2023 indicates a 26% hike in employees planning to switch jobs, with financial incentives as the leading cause amid rising inflation.

Halting the Resignation Tide

To mitigate this trend, organisations must double down on employee engagement. Here’s the playbook:

Foster Open Dialogue:

Regular one-on-one chats can pinpoint individual concerns and career goals.

Review Salaries Annually:

Stay competitive and acknowledge your team’s hard work with market-aligned compensation.

Invest in Continuous Learning:

Show commitment to your employees’ growth with robust training programs.

Map Out Promotion Paths:

Clear promotion trajectories can solidify an employee’s future with the company.

Embrace Flexibility:

Flexible schedules and remote work options are no longer perks—they’re expected.

Survey Your Team:

Use surveys to take the pulse of employee satisfaction and act on the feedback.

Mentor for Success:

Guide your team’s career paths within the company through mentorship and development programs.

 

So, are you ready? Do you have a robust network of talent partners? Have you created a strategy for rough waters ahead? The future may be uncertain, but with the right preparations, your workforce can not only survive but thrive in the face of the next Great Resignation.

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