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The Big Resignation

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The Big Resignation

  1. 1. The Big Resignation Galit Rubinstein, Psychologist of work and organizations
  2. 2. WWI – pushed women into the workforce
  3. 3. The great recession in 2008
  4. 4. Covid-19 the Global Pandemic Forced us to reimagine our lives….
  5. 5. So what is the Big Resignation? 'The big quit' as millions leave jobs in US - BBC News - Bing video
  6. 6. The Big Resignation in Numbers • 40% of employees globally are considering quitting • In the U.S, 4.3 Million employees have quit their jobs • In the UK, 38% are considering leaving • A Shortage of labor can be seen all over Europe and Asia • Even after vaccination rates have risen and companies are calling back their employees, many are resistant to coming back. • Randstat study: Almost a quarter of workers (out of 6000 surveyed) are actively planning to change employers in the next few months as part of a “great resignation” prompted by a high number of vacancies and burnout caused by the pandemic. • They found that 69% of them were feeling confident about moving to a new role in the next few months, with 24% planning a change within three to six months. • Some of those looking for new jobs were workers who during the pandemic had stayed in roles they were unhappy with. • The Yolo Effect The pandemic has changed how some people think about life, work, and what they want out of both. It’s made people step back and rethink their lives. Covid has reminded them that life is too short
  7. 7. More from the study • Workers are not satisfied with their current jobs. • Many are searching for better opportunities that promise many benefits to upgrade their lifestyle. • The Covid-19 crisis showed that workers who do not want to comply with long hours at work feel the signs of job burnout. • It brought conditions that were not favorable for workers, which is why workers, especially working parents, want to change their terms of employment.
  8. 8. Why is this happening? (Forbes,2021) • Limeade conducted a study, the “Great Resignation Update,” to determine why job changers left their previous roles and what attracted them to their new ones. • The survey polled 1,000 U.S.-based full-time employees at companies with 500 or more employees about burnout, well-being and organizational care. • All respondents started a new job in 2021 and have been there for at least three months.
  9. 9. Some highlights of their findings: Forty percent of employees cited burnout as a top reason for leaving.
  10. 10. Job Dissatisfaction Employees were so dissatisfied with their situation that more than one-quarter (28%) of all respondents left their jobs without another job lined up.
  11. 11. Remote work and flexibility Employees were primarily attracted to their current job based on the ability to work remotely (40%) and other forms of flexibility.
  12. 12. Lack of restriction An additional 24% reported not being restricted to complete job responsibilities during set working hours as a top attraction.
  13. 13. Overall Happiness Job changers are generally happy they made the switch to a new role.
  14. 14. Care On average, respondents reported a 22% boost in feeling cared for as an individual by their new employer and a 22% improvement in comfort regarding disclosing a mental health condition compared with how they felt at their previous employer.
  15. 15. The five main reasons why employees quit: (Forbes) 1) Burnout: 40% 2) Company going through organizational changes: 34% 3) Lack of flexibility: 20%, Instances of discrimination: 20%, 4) Contributions and ideas not being valued: 20% 5) Insufficient benefits: 19% 6) Well-being not supported by the company: 16%
  16. 16. What the job switcher sought out in a new job: 1. Ability to work remotely according to personal preference: 40% 2. Better compensation: 37% 3. Better management: 31% 4. Better company reputation: 29% 5. Better work-life balance: 26% 6. Flexible work schedule: ​​24%
  17. 17. Some questions that came up on a spiritual level • Do I really like my job? • Does my company really care about me? • What is my purpose? • Do I really like what I do? • Am I paid enough for what I do? • Is my life as balanced as it should be? • Could I do better than I have done? • Quitting toxic jobs, toxic environments
  18. 18. What people did during Lockdown • Turned hobbies into full time jobs • Began trading in the stockmarket • Began investing in Crypto • Transitioned into Remote work • Earnings have not kept at pace with inflation • Work demand had increased • Stagnation in work wage and benefits • Gen-Z prone to switching • 14 million people in Europe have labelled themselves as “not working” or “not looking”
  19. 19. Sectors most affected • Hospitality • Manufacturing • Technology • Healthcare • Sales and Services
  20. 20. The forces at play High level of Burnout Many job vacancies The YOLO effect Major Disruption in the job market due to Covid
  21. 21. Why is this happening? • The pandemic accelerated digital transformation creating many job openings and a shortage of people • Large numbers of employees transitioned to working from home • Enjoyed the quality of life increase that remote work brings • Unwilling to return to the monotony of a desk-job. • Lots of managers had announced plans to bring employees back to the office and it seems many people are simply unwilling to do so. • Given the plethora of open jobs at the moment, the best workers have their pick of employment. • Other workers used their down time during the pandemic to develop new skills or passions, and now they want to find roles that allow them to incorporate those interests into their day to day lives. • Some are seeking roles that require less of their time out of a desire to allocate more time to their families or children. • And then there are those who simply just don’t want to work.
  22. 22. The Yolo Effect
  23. 23. An Employee’s Market The reality is it’s an employee’s market. There’s never been a better time to job hunt. The US Labor Department recently reported 9.3 million job openings and there are hiring signs everywhere you look.
  24. 24. Workers might be experiencing more freedom and confidence in the job market than usual—leading them to make bold career moves they would be less likely to take under other circumstances.
  25. 25. Employers will have to compete with attractive incentives to earn the placement of the best employees, or even to fill openings in general.
  26. 26. The BIG Quit 2022 and our businesses
  27. 27. How to stop employees from quitting If you want to stop an employee from resigning, you must offer better working conditions and proper salaries. These two terms are crucial for the overall job quality that you want to offer on the market.
  28. 28. Many workers are not seeking full-time employment and they want to find a job that does not take too much of their time. The labor market is full of these vacancies, and companies need to do better to fill these jobs.
  29. 29. Signs of job burnout are evident all around us. Companies must comply with the rules and organize the shifts in a way that can be manageable for each worker.
  30. 30. Accomplishing a company’s goals and producing a good working atmosphere is something that must be achieved in each working environment.
  31. 31. The HR Angle – What can we do to manage the Big Resignation? The importance of a good HR leadership
  32. 32. Intense Focus on Employee Experience: from minor details of employee workdays to fundamental issues of culture and purpose- will continue to be central to everything HR does
  33. 33. Learning, Skills, and Career pathways will become business critical
  34. 34. The working environment – culture and overall feeling – does our workplace foster employee well-being? We need to be able to deal with the feeling of burnout
  35. 35. How this affects the business • Costs to the Company • Loss of productivity • Difficulty in Recruitment • Challenges in retention
  36. 36. What can we do to manage this and not be caught surprised? • Since this is an employee’s market… • Attracting talent is more difficult • There are many job openings and less employees to pick from • Therefore: • Recruitment processes must be quick and efficient • Recruitment processes must focus on a positive candidate experience • Upon assessing potential hires – focus on attitude, flexibility and potential to grow and develop • Assessment of soft skills and flexibility • Understanding the candidates motivation is as always of upmost importance