According to a study by Microsoft, we are amidst a ‘turnover crisis’, also known as ‘the great resignation’. This means that huge numbers of employees might leave their current job. Microsoft’s Work Trend Index shows that 41 percent of the global workforce are considering a job change in the next year, with 46 percent planning to make a major career transition.
Why is “The Great Resignation” happening?
Feeling of disconnectedness
Since people spent less time at the office in the past years, it’s normal to feel a little disconnected from one’s job and teammates. Thus, the feeling of attachment is no longer holding them back from resigning.
Burned out
The pandemic forced employees to continue working without the distraction of office banter and camaraderie. This undoubtedly caused feelings of burnout for a lot of employees.
Better options
The ongoing great resignation is freeing up a lot of jobs that other people wanting a change can fill up.
People want more meaningful jobs
Long periods of isolation and self-reflection led to people questioning the value of their jobs in their lives and looking to find more meaningful, life-enriching jobs.
A Hybrid set-up breaks down location barriers
The emergence of a hybrid work setup has broken down location barriers and allows more people to work at a company without physically being there for a majority of the time. This leads to a lot of opportunities for people who no longer need to filter out jobs based on geographical locations.
What does this mean for my business?
You have to prepare yourself to recruit huge numbers of new employees. And since fifty-eight percent of consumers trusted a human advisor to help them make an insurance claim, this is not something you should be brushing off.
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