Texas A&M University professor Anthony Klotz coined the term "The Great Resignation" in reference to 'a mass exodus of workers leaving their companies for greener pastures, offering better opportunities.' Klotz's logic is that due to the uncertainty of the past year surrounding the Coronavirus pandemic, employees have been desperate just to keep their jobs, much less considering making a change. Now that vaccines are becoming more widespread, and restrictions are being lifted - there has been a shift in the sentiment of the job market.
This is especially apparent in hospitality and service industries that were hit hard by the pandemic, especially restaurants. You've probably experienced this yourself - your favorite restaurants operating short staffed, limiting their hours, or even having to temporarily or permanently shut down. The memes are flying around the internet about restaurants across the country not returning to full service because prospects don't even show up to interviews.
In some cases (nearly half), employees have even been able to make more money by collecting unemployment then they were in their previous jobs - and others have found homes in other industries while laid off. Those that have remained loyal to the industry are pushing for higher wages and better working conditions, and the competition is causing leaders in the industry to step up.
The story is a little different for white collar workers. Companies are still trying to figure out the "back to work" plan. Some are opting for a full return, while others are trying out a hybrid model. According to a Wakefield Research study, employees are in no hurry to return to the office. 47% of employees say they will leave a job if they are asked to return to the office full time, and 41% would take a lower salary if it meant they could remain working remotely.
We've seen the impact of this shift first hand here at Tardus. Tanisha Souza, CEO - expressed that when hiring Financial Coaches this month, she has "never received this many qualified applicants." While one reason behind this uptick could be the still high unemployment rates, she explained "we are seeing a lot of applicants looking for remote, flexible positions like the ones we offer. Coaches become their own boss in a structured environment, similar to a franchise."
Tanisha predicts this trend will continue post pandemic, and research done at Apollo Technical supports this idea. Over the past year, companies have overcome the notion that the only way to be productive is by having everyone together in the office. In fact, those who work from home are 47% more productive, and performance can increase by up to 13%. Technology has moved leaps and bounds with Zoom meetings and webinars quickly replacing in person meetings.
Companies are not only realizing that employee productivity is up, but that they can reach a much wider customer audience with online events. Here at Tardus, we have always operated with a hybrid approach to our employees and clients alike. We pivoted during COVID, all meetings fully remote - and likely won't go back! We have found that we can help a wider variety of people by operating online - and our clients have responded positively. Most of them appreciate and even prefer the shift as they aren't as disruptive to their schedules, and they can dive in whenever is most convenient for them.
Our thoughts on "The Great Resignation" is that those companies who remain stuck in a "pre-pandemic" world will be left behind. Those who are focused on growth, flexibility, and raising the bar in fair compensation and working conditions will attract this talent who are looking for opportunities that not only suit their skills and experience, but their lifestyle.
While employees are reconsidering their top priorities in a role, and potentially leaving the one they've got - this data means they aren't alone. The competition is fierce and applicant pools are full of qualified individuals. With remote work becoming the standard, companies aren't limited to their geographic location - opening the door for talent from previously untapped parts of the country.
With so many superstar applicants, setting yourself apart from the pack becomes even more important. What value can you provide above the expected experience and education?
With the mass exodus in both blue and white color jobs, many people are changing industries all together. Without directly related experience, you must set yourself apart by choosing a direction that is best suited to your soft and transferable skills.
80% of companies use personality testing to assess employees, which might be able to tel better than you can what you would be good at! Getting to know yourself, cultivating these skills and researching roles in where your personality type would be the most effective is a great starting point for your career change.
Interested in learning about a flexible, remote role where you can run your own business? Browse our openings at www.tardus.com/careers
