Great Resignations 2021
Dear HR Colleagues, as you are all aware, apart from resignation, attrition, and retention in the HR dictionary, you now need to add a term called "Great Resignations."
The Great Resignation: A Post-Pandemic Trend
The term "The Great Resignation," also known as the Big Quit, is a trend that emerged post-COVID-19 pandemic. Some economists have described the Great Resignation as a general strike. It is believed that the term "Great Resignation" was likely coined by Anthony Klotz, a professor of management at Mays Business School of Texas A&M University, and it later spread widely. Companies now need to rethink their strategies, and HR must uphold values, implement innovative retention plans, and consider hybrid organizational models. Fewer working days, extended weekends, and flexible thinking are crucial to retaining talent.
Impact on Various Industries
Yes, colleagues, as you are aware, the term Great Resignation is affecting many sectors in the USA and Europe and has now started impacting the Indian industry as well. Majorly, IT, ITES, healthcare, financial services, hospitality, and pharma are strongly impacted by the Great Resignations.
Challenges Faced by Organizations
Many organizations struggle to prevent large-scale talent movement from job to job, facing challenges such as the cost of re-hiring and the impact on business flow. Millions of talents have changed jobs since April 2021 in the USA, and this trend is still ongoing, as noted by the US Labor Department. The percentage of Great Resignation continues to rise.
Understanding the Causes
This phenomenon involves mass resignations, with around 30 to 35% attrition levels at any given time. Psychologists suggest that this is due to several reasons, including how employers treated talents during the pandemic (whether they supported or laid off employees), a mindset change in talents post-COVID, where family and life are prioritized over jobs, and the economic boom post-COVID, which presents many opportunities for highly capable talents.
HR's Role in Addressing the Trend
HR needs to understand the current situation and trends and support talents and businesses innovatively. If you have already taken steps, sharing them in this forum will be beneficial for many colleagues to enhance their understanding.
A lot of news is available in the media about the Great Resignation, and you can learn more from media and research articles being published.
All the Best and God Bless,
Dr. P. SIVAKUMAR
Doctor Siva Global HR
Tamil Nadu
Dear HR Colleagues, as you are all aware, apart from resignation, attrition, and retention in the HR dictionary, you now need to add a term called "Great Resignations."
The Great Resignation: A Post-Pandemic Trend
The term "The Great Resignation," also known as the Big Quit, is a trend that emerged post-COVID-19 pandemic. Some economists have described the Great Resignation as a general strike. It is believed that the term "Great Resignation" was likely coined by Anthony Klotz, a professor of management at Mays Business School of Texas A&M University, and it later spread widely. Companies now need to rethink their strategies, and HR must uphold values, implement innovative retention plans, and consider hybrid organizational models. Fewer working days, extended weekends, and flexible thinking are crucial to retaining talent.
Impact on Various Industries
Yes, colleagues, as you are aware, the term Great Resignation is affecting many sectors in the USA and Europe and has now started impacting the Indian industry as well. Majorly, IT, ITES, healthcare, financial services, hospitality, and pharma are strongly impacted by the Great Resignations.
Challenges Faced by Organizations
Many organizations struggle to prevent large-scale talent movement from job to job, facing challenges such as the cost of re-hiring and the impact on business flow. Millions of talents have changed jobs since April 2021 in the USA, and this trend is still ongoing, as noted by the US Labor Department. The percentage of Great Resignation continues to rise.
Understanding the Causes
This phenomenon involves mass resignations, with around 30 to 35% attrition levels at any given time. Psychologists suggest that this is due to several reasons, including how employers treated talents during the pandemic (whether they supported or laid off employees), a mindset change in talents post-COVID, where family and life are prioritized over jobs, and the economic boom post-COVID, which presents many opportunities for highly capable talents.
HR's Role in Addressing the Trend
HR needs to understand the current situation and trends and support talents and businesses innovatively. If you have already taken steps, sharing them in this forum will be beneficial for many colleagues to enhance their understanding.
A lot of news is available in the media about the Great Resignation, and you can learn more from media and research articles being published.
All the Best and God Bless,
Dr. P. SIVAKUMAR
Doctor Siva Global HR
Tamil Nadu