We all know that pandemics touch everyone’s lives and have a significant influence on the economy, resulting in GDP contraction. This is due to government-imposed lockdowns, which prevent businesses from operating normally, resulting in job losses. As laypeople, we all believe that job seekers would be more active in the market. However, according to a Microsoft survey of 30000 workers, 41% of workers are considering changing careers or abandoning their jobs. So what happens is that people begin to leave their jobs or change careers. The reason could be that pandemics are like a reset button for society, causing people’s perceptions of their lives, their relationships, their links with their loved ones, and, most importantly, their views on their employment to alter. Now, the employee does not want to see himself as a worker; he does not want to be stressed out by the workload assigned by the employer; he wants to enrich his or her life in the same way that the employer has; he is more connected to his or her family and friends, and he wants to devote adequate time to them. The next factor is company downsizing of personnel to save money; the individual who was fired now has no prospects in a single job, and the remainder of the employees are under stress from extra work as a result of the shrinking of the team. Employees gain a new perspective on their job, corporate priorities, and company culture as a result of this stress
Market Effects of the Great Resignation
People who want better are attacking the market right now, with millions of people quitting their jobs and leaving their positions empty. As a result, the employer is forced to hire someone unfit for the job or fill the position by overpaying the job seeker. However, from the standpoint of company growth and efficiency, it causes disturbance. and if it happens in a key position within the company. It has the potential to turn a prosperous company into a loss-making one, resulting in a loss of capital for investors. It has a long-lasting effect.
What employer can do to sustain the employ
Time to come for making a flexible environment, where an employee can have the flexibility to work on hybrid where the employee has a chance to decide when they want to come office.
As after covid, Inflation is drastically increasing, Employer has to review about their compensation and benefits. Extra benefits should be there like, Coupon for 7 day trip to a near hill station which helps to make employee sustain.
Make a healthy culture of the organization for employees where employees feel like they are part of the organization which cares about them.