The ‘Great Resignation’ is it a Misnomer!?! Can we call it ‘Voluntary Quitting’ or ‘Great Rethinking?’
Pandemic spurred on the ‘Great Resignation’ of 2021, during which a massive number of employees voluntarily quit their jobs. However, what we are living through is not short-term turbulence induced by the Covid-19. Instead, it is the continuation of a trend of rising quit rates which began more than a decade ago, according to a study by Harvard Business Review (HBR). The major five factors exacerbated by the Pandemic have been the cause of this trend and the changes that we live through in today’s labour market: the Five Rs: Reluctance, Reshuffling, Reconsideration, Relocation, and Retirement. Unfortunately, all of these factors are here to stay.
Workers are reconsidering their work-life balance and care roles; they are retiring in greater numbers but are not relocating in large numbers. They are making localized switches among industries or reshuffling rather than entirely exiting the labour market. Because of Pandemic-related fears, they are demonstrating a reluctance to return to in-person jobs. A hybrid model is what has taken over the work culture in the New Normal. This is the scenario across organizations Globally.
Many people have reevaluated their priorities, having been intensely disrupted by the Pandemic and forced to make abrupt and significant changes under tremendous pressure. As a result, the workforce is now making changes of choosing their own: Where to work and for whom, whether to return to the office or continue working remotely, where to live, how to accommodate the needs of the family, children and elderly parents, etc. All of these questions are being examined, and workers are finding new answers.
As a result, people worldwide are saying no to their current work situations. Most of them are not simply quitting; they are following a dream refined by and in pandemic adversity. People are aspiring to grow in ways which are most important to them. They are now aspiring to proactively make the life they want. This inflexion point in history presents an unprecedented opportunity for companies. Leaders who can rapidly pivot to meet employees where they are — yearning to grow, searching for meaning, and wanting to work for personal fulfilment as much as compensation — can tap into the largest talent pool in several generations. Organizations can also aspire to attract valuable new talent rather than resigning themselves to loss.
While the above factors are true, one critical aspect is driving people to become non-functional. The main reason human beings become reluctant or non-performing is the virus that has affected the entire world. According to research, some individuals—even those who have steered clear of becoming infected with SARS-CoV-2—societal and lifestyle disruptions during the COVID-19 Pandemic may have triggered inflammation in the brain that can affect mental health. The first major study to compare brain scans of people before and after they catch Covid has revealed shrinkage and tissue damage in regions linked to smell and mental capacities months after subjects tested positive.
The study, conducted by a team led by investigators at Massachusetts General Hospital (MGH), is published in Brain, Behavior, and Immunity. Beyond causing a staggering number of infections and deaths, the COVID-19 Pandemic has led to significant social and economic disruptions that have impacted the lives of a large swath of the world’s population in multiple ways. Also, since the start of the Pandemic, the severity and prevalence of symptoms of psychological distress, fatigue, brain fog, and other conditions have increased considerably in the United States, including among people not infected with SARS-CoV-2.
These are the reasons why people have become listless and reluctant to do anything. As a result, India’s job creation problem morphs into a more significant threat as many people no longer seek a job. Frustrated at not finding the right kind of job, millions of Indians, especially women, are exiting the workforce entirely, according to the new data from the Centre. for Monitoring Indian Economy (CMIE). Among women, the data is even starker. About 21 million disappeared from the workforce, leaving only 9% of the eligible population employed or looking for positions. Now, more than half of the 900 million Indians of legal working age — roughly the population of the U.S. and Russia combined don’t want a job, according to CMIE.
To summarise, a global problem and growing concern for all the organizations needs to find a solution. But, the question remains how do we address it? This question led us to develop a first-of-a-kind program called – ‘Mythistical Way of Life,’ (MyWOL), which will address these burning issues and enable individuals to bounce back with a purpose in life, and help organizations address the problems related to productivity, efficiency and enable cognitive capabilities in their workforce. So, kindly reach out to me and watch out for more information for those interested in learning about our programs.
