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.
How can companies work around such problems or trends in the future?
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.
