The Great Resignation – Yes, it’s a thing!
There has been increasing talk of The Great Resignation in Australia, following reports of that trend in the US.
The term, The Great Resignation, was coined in late 2020 by Texas A&M University’s Anthony Klotz in response to rising quit rates in the US that followed COVID pandemic.
Once people got a taste of working at home, they realised that there was more to life than going to the office every day.
Employees are reconsidering not just how they work, but why they work, and many want greater flexibility and fulfilment. If they aren’t getting it, some are quitting. Whenever someone starts looking for their next opportunity, a lack of manager support could force an external move.
So, we do expect rising rates of employee turnover in the new year as employees become more confident about their prospects in the market. Are you ready to apply for your next role?
This is one of the most fiercely competitive markets we have experienced which is putting pressure on employers to source and secure talent at speed. Companies are increasingly turning to poaching to tap into a broader talent pool and skilled talent are receiving multiple job offers with generous salary increases, bespoke benefit packages, and title changes. With more opportunities and enticing packages on offer, there will be a natural uptick in employee turnover.
Research shows there is not a skills shortage — there is rather a shortage of quality employers providing quality jobs supported by decent on-the-job training. When employers whinge about skill shortages, be sceptical: maybe they are the problem.
According to Microsoft research, the pandemic has caused more than 40% of the global workforce to consider leaving their employers this year, so it’s time to get up with ‘the times’ and focus on what people want in their role.
The current job market is extremely tough, we cannot overstate this point. Employers who are waiting or having an elongated recruitment process, are missing out, not only on good candidates, but really any candidates.
Get in touch with the team today.