Great Resignation: The Way Ahead

Great Resignation: The Way Ahead

We all knew everything about the world changed with the advent of covid. Companies that earlier preferred to work from the office now had to mitigate to work from office model. And the home table was the new desk, and working for long hours was a new norm. Well, was this all that covid had in store for us? If you think this to be yes, you couldn't be any more wrong. Covid also brought forth a new phenomenon known as the Great Resignation.


What exactly is Great Resignation? Great Resignation is a phenomenon that we can see around us now. Also known as Big Quit or Great Reshuffle, the employees leave the organization in unprecedented numbers.


What are probably the causes of the Great Resignation?


1. Retirement: With the advent of Covid, we noticed that older workers left their jobs at an accelerated rate. The priorities had shifted from work to family, which might be why we could see mass resignations from the older workers. Along with the shift in priorities, there were certain reservations about how the workplace post covid would be coupled with susceptibility to Covid-related health risks.


2. Relocation: With the advent of Covid, remote working became the new normal. Employees who earlier had to commute to the office to work could now work from the comforts of their homes. They now had the flexibility to manage personal obligations with professional obligations, and the commute hours, which earlier ranged to a few hours, were now done away with. The time could now be better spent elsewhere in a more helpful manner.


3. Burnout : Working from home allowed employees to balance their personal and professional obligations with immense workloads. Employees who earlier worked for a certain period or in a specific shift were now working beyond that time or beyond their shifts. These employees were exasperated with their companies and wanted a switch elsewhere where the work-life balance was more valued.


4. The Disparity in skillset and pay: It was noticed that employees were now honing their skill set, but the compensation offered to them wasn't akin to the skillset they had. Thus, employees were looking for better avenues where they would be paid more for their skill set rather than continuing with the present company.


5. Career progression: Also, some employees were unhappy with their career progression and felt that staying with the company would not aid their career progression. Also, fixed-time promotions might have persuaded them to search for greener pastures.


6. Lack of appreciation by the manager: Every employee likes to be appreciated, and employees sometimes feel that their contributions are not valued. If this doesn't happen, they feel detached from the company and look for jobs that would ensure higher pay and a better work-life balance.


7. Leveraging technology: With the advancement of technology, employees can now leverage technology to their advantage. Employees can now track various opportunities and openings in different companies, thus helping them make that job switch easier.



Now we can see the various causes of Great Resignation, but we will now explore different ways in which we can address great resignation:


1. Retirement: 

a. Companies must keep track of the employees who are approaching retirement or are on the verge of being retired. Knowing this would help the companies plan better in case a wave of retirement happens.

b. It has also been found that employees above 50 don't invest in themselves. Also, the employers don't invest in these employees leading to employees not producing the optimum output and being detached from the company. To address this, the employer must ensure that employees are in sync with current happenings.

c. We can also use the expertise and experience of these employees to mentor the next generation of employees.


2. Relocation :

a. Organizations can also implement work from home or work from the office or a hybrid mode of working as long as it is feasible and doesn't affect the company's performance

b. This would ensure that employees who are leaving due to work would now stay with the organization while simultaneously keeping the employees happy and enhancing their productivity


3. Burnout : Also, companies must ensure that they prioritize employee well-being. They need to adhere to a specific time period and strictly adhere to that as was the case prior to covid.If employees are going through a hectic period, then appreciating that employee can do him a world of good.


4. The Disparity in skillset and pay: To address the skillset and pay problem, employers can map the employees to projects with their respective skillset. Employees could also be rewarded with every skill set that they hone. And organizations can also pursue a bespoke compensation model instead of a uniform compensation model that is in place. Companies can also follow the dual job model that Swiggy has applied in practice so that the employees pursue different projects post working hours if feasible.


5. Career progression: Companies can also ensure that employees learn something new daily, enticing their curiosity and making them feel involved. They can introduce lateral job moves wherein employees get the chance to experience new experiences and, at the same time, gain new skills. Also, managers can enhance the morale of their employees by motivating them or rewarding them for every achievement achieved so that they feel valued.


6. Leveraging technology: Companies must ensure that their policies suffice the needs of their employees. They must create a great employee value proposition and use the official medium/ channels to attract interested employees.


As we see here, the conception that great resignation is only due to pay is wide of the marks. There are various factors for the great resignation, and while companies can not eradicate it, they can indeed reduce it.


Piyush Das, XIM University


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