September 4, 2021, 4 minutes read
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A survey by Microsoft of 30,000 workers worldwide found that 41% of workers may be considering quitting their job or changing careers this year. A record 4 million people left their jobs in April. Another 3.9 million did the same in June. This has been called the "Great Resignation."
The Great Resignation: Why it is happening
Most people have seen a shift in priorities as a result of the pandemic. Most workers have felt less engaged in their jobs since the pandemic. They have had the chance to explore all of the possibilities. It could lead to a dream job, a better salary, greater flexibility, or a better location. There are many reasons to do this. Many organizations require employees to return to work, so people are looking at their options.
Relationship between Great Resignation (and employee retention)
Monster recently conducted a survey and found that 95% of workers are motivated by the Covid-19 pandemic. They want to make a shift in their lives and in their jobs. These are the main reasons for the shift, according to the survey:
Flexibility: Employees who have worked from home for several months are looking for more freedom and flexibility in where they work. Young people, especially, prefer to work from home for just a few days per week rather than commuting every single day.
Employees are looking for more freedom and flexibility in the location they work from after working at home for several months. Young people, especially, prefer to work from home for just a few days per week rather than commuting all week. Employees have experienced a better quality of life and improved wellbeing while working remotely during the pandemic. They are unwilling to return to the same office environment.
While working remotely during the pandemic, most employees experienced an improvement in their quality of life. They are not willing to return to the same office environment. Employees can experience burnout and fatigue when trying to balance a 9-5 job with family life.
Employees can feel tired and burned out when trying to balance work and family. Bad treatment: Some employees leave because their employer has not treated them well during the pandemic.
Although employee turnover is common, the Great Resignation could cause serious problems for companies if they don't understand and address the motivations behind this shift.
Related: Remote workers hiring? Here are some things to consider first.
Why employee retention is so important in the technology industry
According to reports, resignations in technology have increased since the outbreak of the pandemic. The shortage of talent is a major problem in the technology industry. Industry giants have reportedly seized a large portion of the best talent. There is a lot of competition in the tech industry, with many companies competing for the same talent. It is crucial that tech companies keep their existing talent, even with the economic shifts brought about by the pandemic. Because this industry is highly specialized, losing talent can not only be costly but also result in the loss of unique skills and talent that might be difficult to find. Your competitors may be able to hire employees.
Related: Remote Learning Is a Worthy Option
What can companies do to combat the "Great Resignation"?
1. Remote work opportunities available
Most employees believe that the past year has shown them that they don’t need to be in the office every day to be productive. Although many may miss the chance to meet their coworkers, the majority of employees don't plan on working in the office every day. According to a survey, 39% of respondents would consider quitting their job if they were not allowed to work remotely. This number rises to 49% for Gen Zs, millennials, and the rest of employees. Companies like Twitter have made it possible to work remotely for years.
2. 2.Invest in your distributed workforce
Transitioning to a hybrid environment can be difficult even for companies that offer remote work options. Although the technology infrastructure is in place, it takes many shifts to support this new way. Training managers to manage hybrid teams is the first step.
3. Re-evaluate career development policies
The Covid-19 pandemic and other world-changing events are enough to prompt anyone to reevaluate their priorities. While you may not be in a position to retain all employees, there are significant steps that can be taken to support them in making career choices. Employees should be able to talk with their employer about their career goals and personal life goals.
Employee turnover is something that's inevitable. It is an issue when companies can't retain the best talent. This will have a negative impact on their bottom line. Technology industries are heavily affected by the "Great Resignation", so every company must develop strategies to retain talent.
Related: Why remote work makes leaders (and teams) better
