Great Resignation

Definition: The Great Resignation refers to a significant and widespread trend in the job market where employees across various industries voluntarily leave their jobs.

This phenomenon gained momentum in the wake of the COVID-19 pandemic, with workers reassessing their priorities and seeking a better work-life balance.

Factors Fueling the Great Resignation:

Remote Work Shift:

The accelerated adoption of remote work during the pandemic has allowed employees to reconsider their geographical constraints, leading to a desire for more flexible work arrangements.

Burnout and Well-being:

The pandemic-induced stress, coupled with the blurring boundaries between work and personal life, has heightened concerns about mental health and well-being. Employees are leaving roles that contribute to burnout in search of healthier work environments.

Re-evaluation of Priorities:

The global health crisis prompted individuals to reevaluate their life goals and priorities. Many workers are seeking roles that align better with their personal values and aspirations, even if it means leaving stable employment.

Impact on Employers and Industries:

Talent Shortages:

The Great Resignation has created a challenge for employers to attract and retain skilled talent. Industries such as hospitality, retail, and healthcare have been particularly affected, leading to widespread talent shortages.

Shift in Workplace Dynamics:

Companies are forced to reexamine their workplace policies and culture to adapt to the changing expectations of the workforce. The emphasis on employee well-being, flexibility, and purpose-driven work has become integral in retaining top talent.

Rise of Gig Economy:

The trend has accelerated the growth of the gig economy, with many individuals opting for freelance or contract work over traditional full-time employment. This shift has prompted companies to explore alternative employment models.

Other Terms :

Gamification   |   Gig Economy   |   Gig Worker   |   Governance   |   Global Business Services (GBS)   |   Global Process Owner (GPO)   |   Goal Focused Hours Per Day   |   Goal Productive Hours Per Day   |   Ghost Meetings

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