The great resignation – don’t be caught lacking.
5 Minute Read
Microsoft has developed a work trend index report that effectively says that 53% of employees are now more likely to prioritize health and wellbeing over work than before the pandemic. In South Africa, “Towards the end of 2021, Old Mutual’s reward-management platform Remchannel revealed that employee turnover had increased by 16% across all sectors, while just under 69% of its survey respondents indicated that they were battling to attract new employees or retain their existing talent.
Basically covid made all of us realize our lives suck and we simply go to work to pay bills and buy more things. We buy bigger houses to put more things inside. And then we realize that all these things don’t lead to any level of happiness or enlightenment. Then COVID made us sit still and think.. I mean really think about our lives and more importantly our employment – where we spend more than 50% of our time every day.
The labor market is all about supply and demand. The demand for highly skilled, heavily specialized workers has outstripped the supply. This means that many of the people resigning are not people living on the breadline, but rather those that have a skill rare in commodity and high in demand. In times of global change like we have seen these skills go all the way from leadership right down to coding. In some cases, high performers in corporates are resigning to consult with their former employers as it would be more beneficial to them to have more time to do what makes them happy and their former employer would rather not run the risk of a vacancy in a critical role in their business. It would also take a great deal of time to replace this person.
An already tricky situation gets further complicated by the fact that organizations need to replace these high value resources with most likely younger, very different types of people. This introduces heightened cross-generational challenges, new productivity paradigms and the embrace of a new generation of leaders, managers and intrapreneurs that worry about fundamentally different things and seek alternative ways of existing. According to Microsoft’s report, Now, we’re at a long-awaited inflection point: the lived experience of hybrid work. Already, hybrid work is up seven points year-over-year (to 38%), and 53% of people are likely to consider transitioning to hybrid in the year ahead.
These are the key Findings according to the microsoft report that you should not be caught lacking on.. Click on each point below to read more about the five urgent trends business leaders need to know in 2022: