When the pandemic hit, people were not quitting their jobs even at the lower rate they were continuing due to fear and uncertainty. However, now one year later in 2021, the workforce of us has started leaving their jobs due to unprecedented rates thereby causing great resignation.
According to the US labor department,4.5 million workers left in November 2021.
There is an estimate that in total 75.5 million people in amerce resigned in 2021. Low-wage workers would likely resign in search of better opportunities thereby, affecting the sector including hospitality, healthcare, warehousing, etc.
SITUATION IN INDIA
Comparatively in India, the situation would be different but still cause for concern. It sector would hire at unprecedented rates following the great resignation. Not only people in the workforce are changing jobs but if we go through the survey conducted by amazon India in September 2021 we would find that nearly 51 percent of job seekers are looking for jobs and opportunities in industries even with zero experience.
The first very obvious reason could be burnout. People are tired of doing the same work over some time. Secondly, the shift to work from home has made them frustrated. And last but not least is to have more stable jobs. More job satisfaction is another reason.
Companies now have started to offer a higher salary. Experts suggest offering high packages to retain their employees and reduce employee turnover. Easy terms of working is another added feature. Because of work from home, there has been pressure on the housing market. People can work from home and in rural areas. They can save money. Lateral job opportunities would be provided to the employees. Employees’ overall health is also a factor that could retain them in the company.
TERMINATION VS RESIGNATION
The very basic difference between termination and resignation is who initiates first. Resignation is done when the employee wants to quit whereas termination is done the employer wants the employee to quit.
It’s a very minor difference but changes the entire context of the situation. However, excess numbers of resignations and terminations both are not desirable for an organization or company to function efficiently and effectively.
People resigning on the large number in us will no doubt have its effects all over the globe and different economies as us being the leader and the largest economy of the world. The concept of globalization has added another element to this great resignation phenomenon.
Whenever you are working with employees or dealing with people one thing must be kept in mind which is trying to know what the person sitting next to you wants from the job. What are his/her expectations? Mutual understanding between the employer and employee must be established. Too much of the employees turnover ratio shows how much unsatisfied the employees are with the companies and how companies failed miserably in retaining their employees. Admiring collective initiative by the management can help.
Also understanding what they expect from the company is the core question which most of the companies fail. Therefore mutual understanding is a must if we want to stop this resignation phenomenon.