The Covid-19 pandemic turned the world upside down. While some have been pushed out of work by furloughs and layoffs, others are quitting in a bid to seek greater work-life balance, a trend that has been dubbed the “Great Resignation.”
According to the US Department of Labor, roughly 11.5 million workers quit their jobs between the period of April and June 2021. The economic impact on small and medium businesses is assessed as severe. Industry analysts have raised concerns over the situation with many calling for quick resolution before the Great Resignation changes the face of the hiring industry. Employees are no longer willing to make sacrifices in order to find a work-life balance.
A survey by Joblist found that over 30 percent of workers said they’d sacrifice a portion of their pay for greater work-life balance, with parents willing to take reduced pay by almost 5 percent. Today, many workers are expected to sacrifice a healthy work-life balance in order to meet their company’s goals. Oftentimes, this causes them to feel less fulfilled in their job roles. It’s not surprising that the pandemic spurred the Great Resignation movement. Workers are now switching jobs to join employers whose values are more closely aligned with their own. A lot of times this translates into aligning with a company that offers better work-life balance, or fertility benefits, or even parental leave for up to six months.
The talent migration that we’re witnessing is led by workers who are on the lookout for greater flexibility and opportunities to grow in a post-pandemic world. It’s time that companies take note of this trend by focusing on the inner culture, prioritizing career growth, and ensuring that the company’s mission aligns with the values most appreciated by today’s workers.