The Great Resignation. In recent times, this term is being used with greater frequency. It has been compounded and thrown into the spotlight by the pandemic, but it has been happening for a while now. But what exactly is it? Read on to find out more about this concept that is spreading across the globe.
What exactly is the Great Resignation?
People are now resigning in droves from their current organizations, sometimes without having another job lined up. Yes, people are choosing to be voluntarily unemployed as opposed to continuing with their current employer. This trend of voluntarily giving up employment would have been so hard to comprehend just a few decades ago. But this is the current reality.
This is leading to a falling labour participation rate, especially for women. Be it high income or low income groups, metros or tier-2 cities, people are following their heart and opting to advance their careers outside their current organizations. They are looking for other perks or benefits that their current employers are either unable or unwilling to provide.
Why is the Great Resignation happening?
There are as many reasons for resignation as there are people resigning. People have started to readjust their priorities, along with refusing to settle or compromise. However, there are a few reasons that have cropped up with greater frequency:
Wanting better opportunities
One of the most common reasons is wanting better opportunities. People want to grow in their careers and do meaningful work. In fact, many would like to be considered for greater opportunities within their current organization. When this doesn’t happen, and they are not given the support they need, they naturally gravitate towards outside opportunities.
A September 2021 survey by Amazon India found that 51% of job seekers are searching for new opportunities in industries and sectors in which they have minimal experience or exposure. This is not just due to burnout, but also because working from home has given people the flexibility to do this. Moving to more stable jobs or industries would be a step up for many if they are currently in an unstable job.
According to a survey taken in November 2021, 43.3% of workers surveyed were experiencing burnout. A toxic, high stress culture takes a toll on workers, and when they start to burnout, they take a step back in order to handle their stress levels and mental health.