The Great Resignation: A Solution for All
Is the era of The Great Resignation directly affecting you? What can employers and employees do to combat the effects of the Great Resignation? Find out in part 3 (3/3) of our Great Resignation blog series!
When will The Great Resignation end?
There’s no telling when the era of The Great Resignation will come to an end. All we know is that it is in full effect and EVERYONE is feeling the effects of it. The department of labor statistics are going haywire because of this “trend” people are calling it. The Great resignation is creating incredible numbers such as a 460% increase in “remote only” job searches according to Glassdoor data, and a 22% decrease in jobs for low-wage workers. This decrease in low-wage jobs can be better explained by experts who are calling it a hallmark of the pandemic economy: a quick recovery for those at the top and ongoing trouble for those at the bottom. Job loss oftentimes impacts the lowest income individuals the most in recessions. Wealthier Americans typically feel the hurt of a downturn through a hit to financial assets such as stocks and houses, which they disproportionately own.
But the Covid recession was different in that stock and home prices sky-rocketed after an initial slump, fueling wealth for the rich. Regardless of wealth or social status, 55% of Americans plan to change jobs within the next year. These stats suggest The Great Resignation is not coming to an end for anyone anytime soon.
Employees
Employees, before you commit to quitting your job with no foreseeable future, keep these few ideas in mind: How much financial runway you should have needs to be a key consideration, Will you be forfeiting your year end bonus, Is there no room for growth at your current company, and most importantly would quitting your job truly make you happy. Having a secure job with room to grow within a company is what people should be looking for, focusing too much on money will ultimately end up negatively affecting your work ethic. While obviously it is safe to make sure you are financially set to quit your job, consider all of these other factors before jumping to that decision.
Employers
Employers, there’s no easy way around this time of uncertainty in the job market. These unprecedented times are something no one could have predicted or prepared for. So what are the best decisions for you now? Promote and emphasize your employees mental and overall well-being. People nowadays are so focused on their mental health and personal development, this is something people cherish and take very seriously. So, keeping this as a priority will increase your chances of retaining and maintaining your employees. Employees who maintain high mental health and an overall healthy well-being are also subject to working harder and performing well. Employers should try to cater to candidates’ needs without having to go too far overboard with their leniency ,whether it be for WFH, salary, PTO, hours, etc. being able to provide a comfortable environment for employees is something they are all looking for in a new job.
Overall Takeaway
While the pandemic hit the job market in ways no one could predict, it is certain that The Great Resignation is something that blind sided Americans and is continuing to do so. No matter your social status, whether you are an employer, or employee, everyone will continue to feel the effects of The Great Resignation for quite some time. The only thing anyone can do is to figure out a plan that works best for yourself/your business and adapt to the ever changing and unpredictable job market we live in.
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