Great Resignation Wave: Reasons, Lessons & Suggestions

facebook
twitter
linked in
whataspp
link
By greytHR
2 minute read ● September 04, 2022
Great Resignation Wave

A search term that had 232 million online references, 'Great Resignation' refers to a trend that made millions of workers quit their jobs during the pandemic. Although the trend originated in the U.S., its impact eventually spread to other parts of the world.

We invited two senior HR leaders to share their opinions on this ongoing trend. This blog post features a few key questions answered by our speakers at the Parichay Webinar Series. The speaker panel featured Ravi Mishra, Sr. Vice President (HR), Advanced Materials Business, Grasim Industries Ltd and Rajiv Naithani, CVP & Chief People Officer, Infogain.

The Great Resignation spread like wildfire. Did we see this coming, or were we blindsided?

When the pandemic struck, we predicted a quicker rebound since businesses were impacted primarily by the lockdown. But we never knew that the situation would turn out to be this bad. The mass exodus put a lot of pressure on organisations since hiring and retention became challenging. Also, candidates who were onboarded virtually never got to see their workplaces. So, they lacked a sense of belongingness, and this led to cultural instability within organisations.

Are small businesses also affected by the resignation wave?

The effect depends on the nature of the small business, cost implications and its dependence on other organisations. But larger businesses are likely to be impacted more.

Has this worldwide resignation trend impacted the workplace culture?

Covid has changed the work culture significantly. Continuity and loyalty have been weakened due to the demand-supply gap created by the resignation wave. Even campus recruits are expecting flexible work policies.

Is the growing confidence of job seekers, regardless of age, a result of the new situation?

Gone are the days when people used to settle down in a job after 40! Nowadays, even seasoned employees are switching jobs thanks to the availability of lucrative opportunities and better working conditions.

What direction will this take, and what are the problems likely to crop up in the future?

When salaries go up, companies will start looking for geographies where the talent pool promises better stability at a lower cost. But employees who switch jobs only for higher compensation are likely to suffer when companies start rationalising costs.

Organisations can pay a premium to get the best technology. But it's even more important to pay employees well. When an organisation is a good paymaster, it attracts and retains good talent. It's also essential to design a work culture and ecosystem that inspires people to stay longer.

Related Posts

Info Tile Image
14/02/2024 | greytHR

Stepping into the Future: Our Journey to a New Brand Identity

greytHR helps streamline HR processes, empower employees, and improve all-around productivity. Read our journey to a new brand identity.
HR
greytalk

Subscribe to our newsletter

Stay on top of latest updates from greytHR on HR trends, statutory compliances updates and more.
  • HR & Payroll Administration
  • What is HRMS?
  • What is Payroll?
  • What is Statutory Compliance?
  • Guide to Leave Management
  • Guide to Attendance Management
  • Holiday Lists 2023
  • Holiday Lists 2024
  • Product
  • HR Software
  • Payroll Software
  • Leave Management System
  • Attendance Management System
  • Performance Management System
  • Employee Self Service
  • greytHR Service Status
greytHR-logo
GDPR Compliant certification badge
Soc2 certification badge
ISO Certification Badge
© 2024 Greytip Software Pvt. Ltd.
Privacy PolicyTerms of Use
India