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The Great Resignation

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Over the Centuries, we have faced many' greats' as a world population. The Great Depression, The Great Migration, The Great Recession, and of course, The Great British Bake off. Fast forward to 2022, and the Great Resignation is top of the list, with many companies having to navigate the ripple effects of the pandemic leaving them scrambling to retain their expertise and talent.

 

At the start of the pandemic, the job market was wracked with insecurity and millions of people lost their jobs worldwide with those who managed to retain employment staying put for the sake of job security. But as the dust has settled and the global job market has turned its attention towards recovery, employees in privileged positions who don’t live from paycheck to paycheck are now looking to change their working conditions or change industries completely following a comfortable work-from-home stint. Many organisations are finding that the call to return to work has triggered a re-evaluation of what their workers want for their professional futures, with people seeking better opportunities, or looking to turn their hobbies into new careers. This growing trend has prompted many companies to investigate wellness initiatives and even salary adjustments to retain their top talent.

 

This shift in employee behaviour has a direct impact on strategic leadership, work motivation, and effectively the future of these organisations, thus forcing employers to re-assess their hiring mechanisms as employees re-think their careers and futures.

 

Latest UK statistics suggest that almost one in four UK workers are looking to change gears, with Manufacturing, Construction, Tech and Logistics workers the most confident about finding new work.

Aside from the hunt for new opportunities, another major contributing factor is burnout. The world we have faced for the last 2 years has changed how people think about life, work, and what they want out of both. It’s prompted people to take a step back and rethink their lives. The pandemic has reminded them that life is indeed too short.

 

Following the Great Recession of 2007/2008, companies were spoilt for choice in terms of candidates, with job hunting at an all-time high. But with the significant slump in employment ensuing from the hard lockdowns of 2020, as well as the subsequent reticence to return to full-time work coupled with increasing work-from-home options, employers are finding themselves faced with a far smaller pool of quality candidates. In turn, job seekers are becoming more selective, negotiating particulars such as salary, benefits, working conditions, and other details that otherwise may not have been afforded to them before.

And while this recalibration remains a central contributing factor in this wave of resignations, those resigning tend to be those whose jobs have been altered—for better or worse—by the pandemic, resulting in a shift in their working conditions. The bottom line is, finding excellent candidates to invest in your company is becoming more and more of a challenge as the drive to work from home, or for oneself, gains momentum.

 

This highlights for us once again the importance of a seamless and effective recruitment process and the sourcing of high-quality, virtuous candidates to best serve your organisation. While it may feel like there is a shortage of skills and expertise available, the right people are out there and looking for opportunity, it’s about how and where you look for them.

This year of continued recruitment challenges presents the opportunity to reformulate best practices and determine what measures to put in place to future-proof your hiring processes.