Dawn Of Great Resignation? 41% Of Workforce Considering To Leave Jobs This Year

When the pandemic halted operations worldwide, several people going to work for their jobs were left behind closed doors. There was no uniform announcement for a lockdown in all the countries alike; therefore, hundreds of thousands were left alone within the confines of four walls, away from their loved ones, struggling to escape the wrath of the raging virus. Changing times pushed workplaces to adopt a more flexible working environment, enabling people to work from home from any corner of the world and in varying shifts. Now that most people have adapted and accepted that this might be the reality for a long time now, specific workplaces have begun to call their employees back to the office.

However, now the employees have grown comfortable working at their ease from the comfort of homes and do not wish to adhere to the rigid office timings and working environment. Impressively, a study from Stanford conducted over nine months showed that employee productivity increased by 13 per cent while working from home. The same study also reported improvement in work satisfaction amongst employees.

41% Of Workers Thinking Of Quitting Their Jobs

A Microsoft survey of more than 30,000 workers globally showed that 41 per cent of people are either thinking of quitting their jobs or changing professions altogether. A study from the Department of Labour in the United States showed that a massive 4 million people left their jobs in April this year. In Germany, one-third of the companies are short of skilled workers, and the country has vacancies open for 4,00,000 jobs. According to the Organization of Economic Cooperation and Development (OECD) report, 20 million workers in 38 countries and the pandemic has led to over 110 million fewer jobs worldwide. The data showed that although the unemployment rate has come down compared to 2020, the rate is still higher than in 2019. Fourteen million people among all OECD member countries are inactive, that is, either they are not seeking employment opportunities, or if they are, they remain unemployed.

Among the Asian Countries, the attrition rate in India has risen by 23 per cent, and China is experiencing a shortage of workers in the tech sector. In the Caribbean, one in six workers aged 18 to 29 years has left the workforce. The most surprising factor is that not all employees are going to their jobs because of unemployment benefits from their government or to provide for child care or caring for the elderly.

Until now, people had been prioritizing work over personal lives. However, the pandemic gave enough opportunity to people to sit back and prioritize their personal life over their work. Therefore, millions of people began to reimagine their lives. Several young people locked up their homes in the cities and shifted to the suburbs; many decided to quit working full-time and freelancing instead. Many people quit their jobs to upskill themselves, and others turned their hobbies into their professions because they realized life was too short to stick around in unhappy jobs.

What Can Be Done To Halt The Trend?

Whether shifting to freelancing or working part-time lies solely on the individuals; however, employers can try to dive into the employees' minds to understand better what they expect. There is more than just a fair salary or health and medical benefits to the employees' families. People are now looking forward to flexible working conditions, and that company leaders need to be in constant touch with the employees to motivate them and get the most of out their workforce.

A study by Forbes showed that 54 per cent of the employees feel overworked. The survey from Microsoft also revealed that the average time spent on Teams' meetings has increased from 35 minutes to 45 minutes. Employees belonging to Gen Z are most likely to suffer from exhaustion and struggle to maintain a satisfactory work-life balance. Especially for employees from Gen Z, that is, those aged 18 to 25, it is imperative to feel a connection and a sense of purpose with their work to yield maximum output. It is about time that companies change according to the changing needs of their employees before they focus on the customers. Leaders must keep finding ways to enhance cooperation among employees and re-design the working model of the workplaces to retain and attract new talent.

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