The Great Resignation - just a phase or here to stay?

Are you struggling with a high rate of employee turnover? You're not alone. In fact, it's a problem that many organizations face. It is no secret that resignations can create a tremendous amount of stress for managers. 

Furthermore, along with the direct costs associated with losing an employee, such as the cost of recruitment and training, there are also indirect costs, such as the impact on morale and productivity. While it is impossible to eliminate turnover completely, there are some proactive strategies that managers can use to reduce the incidence of resignations.

The Great Resignation is a term being used to describe the wave of resignations that have been seen among employees in the recent economic climate. It has been described as a ‘mass exodus’ from traditional office-based roles and a rising trend of employees becoming their own bosses. 

In this blog post, we’ll be exploring the resignation in detail keeping the backdrop of the ‘Great Resignation’ phase and discussing its potential implications for businesses and wider society.

What is the Great Resignation?

The Great Resignation is a term that has been coined for the recent wave of employees quitting their jobs in order to pursue other opportunities. This phenomenon has been driven by a number of factors, including the proliferation of online job listings and the increased ease of switching jobs.

While the Great Resignation may initially seem like a positive trend, it can actually have negative consequences for businesses. For example, if too many employees quit in quick succession, it can create a staffing shortage that can be difficult to recover from. Additionally, high turnover can damage morale and lead to a loss of institutional knowledge.

This sense of resignation is especially prevalent among millennials. A recent study found that nearly 60% of millennials have considered quitting their job if they didn't feel like their manager was listening to them. [Source: Deloitte] And it's not because they're lazy or entitled; it's because they're unhappy with their current situation.

So what can be done to change this? First, organizations need to address the root causes of this problem. Many people are in jobs that don't align with their passions or skill sets. They may have taken a job for the wrong reasons, such as money or prestige, and now they're stuck.

Businesses also need to create more opportunities for people to advance in their careers. Too often, people feel like they're stuck in a dead-end job with no hope of getting ahead. We need to create pathways for people to move up within organizations, so they can find fulfillment in their work.

Give people a reason to stay in their jobs. Too often, people leave their jobs because they don't feel appreciated or valued. Focus on creating cultures where people feel like they belong and are valued for their contributions.

When people start to stagnate, they begin to get bored, and they start looking elsewhere. Ensure that engaging the employee in work resonates, challenges them, and stretches them.

What are the Causes of the Resignation?

There are many factors that can contribute to someone feeling the need to resign from their job. Perhaps they're not being paid enough, or they don't feel like their job is fulfilling. Maybe they're constantly being passed over for promotions, or they're just plain unhappy with their current situation.

There are many potential causes of resignation, both personal and professional. Common personal reasons include dissatisfaction with the work environment, a desire for new challenges or opportunities, or simply burnout. 

Professional causes can include disagreements with the company's direction, a lack of career advancement opportunities, or ethical concerns. Sometimes, a resignation is simply the result of a change in priorities or circumstances, such as a move to a new city. 

How Employee Burnout can be a factor of Resignation?

Employee burnout is a state of physical, mental, and emotional exhaustion caused by excessive and prolonged stress. It occurs when employees feel overwhelmed by their work and are unable to cope with the demands of their job. Burnout can lead to resignation, as employees may feel that they cannot continue to work in an environment that is causing them so much stress.

There are several signs that employee burnout is a factor of resignation:

•  Employees begin to dread coming into work and feel anxious or stressed about their job tasks.
•  They feel like they are constantly working without any time for themselves or their personal lives.
• They may start making mistakes at work or have difficulty concentrating on their tasks.
• They may start to withdraw from co-workers and avoid social interactions.
• Their performance at work begins to suffer, and they may receive negative feedback from their superiors.
• They may begin to experience physical symptoms such as headaches, fatigue, or insomnia.

The Effects of Resignation on the Individual and the Company

When an employee resigns, it can have a number of different effects on the individual and the company. On the individual, resignation can lead to a feeling of relief, as they are no longer in a job that they were unhappy with. It can also lead to feelings of guilt, as they may feel like they are betraying the company. Resignation can also be a stressful event, as the individual may worry about finding a new job.

In the company, resignation can lead to a loss of productivity, as the company will need to find a replacement for the employee who has left. Resignation can also lead to morale issues, as other employees may see that someone has chosen to leave and this could make them question their own decision to stay with the company.

How to Deal with Resignation in a Constructive Way

When an employee resigns, it can be a difficult and emotional time for everyone involved. While it is natural to feel upset or even angry, it is important to remember that the resignation is not personal and to try to deal with it in a constructive way.

• The first step is to accept the resignation. This may be difficult, but it is important to remember that the decision has been made and there is no going back. It is also important to stay professional and refrain from speaking negatively about the employee or their decision.
• Once the resignation has been accepted, the next step is to start planning for the future. This may include hiring a new employee to fill the role, redistributing workloads, or making other changes to accommodate the loss of staff. It is important to make these decisions quickly so that work can continue as smoothly as possible.
• It is important to take some time to reflect on what happened and why. This can help prevent future resignations and help you improve your business as a whole. By understanding why an employee resigned, you can make changes so that others do not feel the same way and are more likely to stay with your company in the future.

Best Practices to  Deal with a Surge in Resignations

If you're seeing a surge in resignations at your company, there are a few things you can do to help deal with the situation.

• Try to understand why your employees are resigning. Is it because they're unhappy with their current role or salary? Or is it because they're looking for something new and different? Once you know the reason behind the resignations, you can start to address the issue.
• If your employees are leaving because they're unhappy with their current situation, see if there's anything you can do to improve things for them. Perhaps you can offer more flexible hours or better benefits. If salary is an issue, see if there's any room for negotiation.
• If your employees are resigning because they're looking for something new and different, help them explore their options. Perhaps there are other roles within your company that would be a better fit for them. Or maybe they need some time off to recharge and come back fresh. Whatever the case may be, try to work with them to find a solution that works for both of you.

Conclusion

It is evident that the main causes of resignation are poor working conditions, inadequate pay, and limited opportunities for advancement. While some employees may resign due to personal reasons, such as relocating to another city or taking care of a sick family member, the vast majority of resignations are due to workplace dissatisfaction. 

If your company is experiencing a high rate of resignations, it is important to take a close look at your workplace policies and procedures. Also, creating a positive and supportive work environment is also essential. By taking these steps, you can help to reduce the number of resignations and keep your company running smoothly. Also, to stay ahead of the current market, build the employer brand by highlighting the caring and compassionate culture with a commitment to developing the people at their core.