Big Quit’ – Employees are rethinking their relationship with work
Employers all around the globe are dealing with a historic shift in the workforce’s thinking. 4.5 million people are known to have resigned of their own volition last November, reaching a 20 year high in the US alone, of which millennials with more than 5 years of work experience are the highest on the records. A Research Centre survey cites the primary reason for this as:
- Low pay & No opportunity for advancement (63%)
- Feeling disrespected at work (57%)
- No flexibility to choose when they put in their hours (45%)
Exhaustion and grief being cited as the primary as per Mckinsey research, employees seek a renewed and revised feeling of purpose in their work, with fair remuneration, respect, recognition, significant encounters & interactions with peers and superiors, and not merely business transactions. Since the pandemic, job satisfaction is no longer just a fancy buzzword.
Organizations need to exercise a ‘Big Rethink’ in response
The pandemic led labor shortage has exhausted the employee and has got businesses concerned with issues of survival, growth, productivity, and related costs. Employees are revaluing their engagement with work and their relationship with employers. We believe that the only direction forward is a creation of a new work order reflecting a balance of employee and employer needs.
The time to ‘rethink’ a win-win approach to achieve the ‘great result’ is now!
- From flexible working to flexible earning ‘Flexible working’ needs to expand beyond hours and hybrid work, to include flexible earning; hold multiple work positions simultaneously;
- Workforce strategy and employment relationship
- Role sharing to create more opportunities for career development and growth
- Classifying work as core and non-core that includes permanent and non-permanent work opportunities
- A culture where the ownership of time belongs to the employee and output to the business
- Refocus performance in relation to effective task completion
- Embrace work without geographic boundaries
- Workforce strategies that provide work opportunities, by way of assignment based full time, part-time work rather than traditional job opportunities
The Big Quit can’t last forever as the Great Re-think is already happening. We at SolveCube, are at the forefront of working on workforce strategy solutions, specifically its Blended Workforce Strategy, with our clients to support the Great Rethink.