As COVID becomes the new norm for everyone around the world, there's been a major shift in the business world. Companies and corporations are adapting to new practices following the initial aftermath of the pandemic. One of the primary reasons for this change is the "Great Resignation" – a phenomenon that occurred when droves of employees and minimum wage workers started resigning from their jobs.
According to a survey by Microsoft, more than 41% of employees have resigned from their current job, whereas 38% have considered seeking employment elsewhere within the next few months. Four million workers weaved in their resignation in the US alone – the largest wave of resignations on record.
The "Great Resignation" era has caused a mass exodus from large corporations, leaving businesses to look for new ways of retaining top talent. One solution is outsourcing parts of your business to countries where labor costs are lower. This strategy can improve efficiency, reduce cost, and increase revenue through more competitive pricing.
The Great Resignation and Why It’s Happening
The Great Resignation is a term coined to describe the spontaneous and ubiquitous mass exodus of employees from large organizations. While there have several debates over the reason behind this phenomenon, it's apparent that the pandemic has enforced a shift in priorities for many workers.
People are no longer willing to commit to a minimum wage job and are instead looking for opportunities that they are more passionate about. Some have realized the benefits of remote work and have switched to a career in full-time freelancing. However, for many workers, their resignation came as a result of the way they were mistreated during the chaotic pandemic.
According to many employees and workers, if there’s one benefit of COVID-19, it’s the fact that it unveiled the distant relationship between businesses and laborers, the exploitation of workers, and the transparently-clear disregard for their health, mental well-being, and financial concerns.
What Went Wrong?
Employees are leaving because large companies have been unable to treat their employees properly during a time when the economy suffered a massive blow. Most people expected compensation or some sort of benefits from their higher-ups, but when this wasn’t provided. Workers ultimately decided to quit organizations that didn’t offer support.
Even before the onset of the pandemic, toxic workplace culture and overwhelming working conditions had pushed many employees to the brink. The final nail in the coffin came when organizations failed to support their employees and instead forced them to do more work!
According to experts, the pandemic was crucial in reminding companies that employees are not servants. They're people who're worried about their families, their health, finances, and everything in between - companies that failed to realize these concerns paid the heaviest price.
The Impact of the Great Resignation
The Great Resignation era will have an enormous impact on the business world, from the political landscape to cultural identity. The effects of this event will be far-reaching and momentous, fundamentally changing the dynamics between employers and employees.
Will this change the workplace culture and promote meaningful relations with employees? According to many experts, the answer is yes. Companies have no other option but to realize that workers are no longer willing for a one-sided contract. If you want them to work for you, businesses will have to provide something in return (besides money).
Now more than ever, it has become mandatory for corporations to make serious investments into their employee's well-being and financial insecurities. It can take anywhere between 6-12 months to onboard a potential new employee. Companies that have lost workers during this period will have to make some profound changes if they want to avoid falling behind.
On the bright side, this is an excellent opportunity for startups. The Great Resignation is a global trend giving birth to new businesses and new ways of living. It represents an entrepreneurial spirit and the desire to create something new. The resignation movement is going to benefit the entire ecosystem, especially startups.
How to Stop the Mass Exodus
Outsourcing has been a common approach in the past couple of years. However, with the onset of the pandemic, outsourcing has become a popular trend – one which companies are only going to exploit further as remote work becomes the new norm.
With managers left in disarray and workers leaving in masses, corporations have no other option but to provide better benefits and higher pay to attract new employees. However, it's important to remember that many companies can't afford to hire individuals with thousands of dollars' sign-on bonuses. And what's stopping employees from simply resigning (yet again) if they're offered more competitive pay by competitors.
In this age of economic uncertainty, the best option for companies is to simply outsource. Many companies are already engaging with outsourcing providers to fill in gaps.
Outsourcing is less expensive than you think and more beneficial to your business than you might realize. It allows you to focus on the areas of business that bring you money and eliminates the need for things like hiring employees, and ultimately mitigate the effects of the great resignation.
Tap into the Gig Economy
The gig economy is the next phase for office work, and it’s here to stay. Whether you embrace it or ignore it, you'll likely be impacted by it. The shift from traditional full-time work to gig work is happening now, and it will continue to proliferate in the coming years. It's changing the way we think about employment, how we make money and how we live our lives.
The gig economy is emerging as a viable and profitable alternative to standard employment. The gig economy has made it easier for companies to find the talent they need, and it has created opportunities for individuals who might not have access to traditional employment options.
From entrepreneurs to freelancer professionals, the gig economy is bringing in big dollars. There are now over 42 million Americans who consider themselves independent contractors or self-employed, which is about 15% of the total workforce. Tapping into the gig economy is a great approach to prevent the departure of employees during the great resignation era.
Recognize Employee Concerns
When employees feel like they are being ignored and their concerns are not addressed, they will be looking for a job elsewhere. The first sign of an unhappy employee is an increase in complaints, followed by a loss of morale and eventually staff retention issues.
Managers, HR, and executives should recognize the importance of addressing employee concerns to keep the workplace healthy and productive. This helps prevent mass exodus when employees decide they have had enough.
Top management must be aware that it is their responsibility to make sure employees know how valued they are, especially if the company’s success depends on them.
Give People a Reason to Stay
As the great resignation enveloped the business world, companies were once again reminded that there are various ways to retain employees besides increasing wages. Although the majority of stats indicate that retention can be improved by higher salaries, the joy of a pay raise usually subsides after a couple of weeks.
Sure, people want to be paid more, but employees also want a reason to stay. This includes meaningful roles, knowing what an employee has to do, their importance to the organization, and future opportunities for career growth.
Some initiatives that companies can take to improve customer retention in the era of the great resignation include:
Provide career counseling and opportunities for growth
Improve existing skills by mentoring and providing free training
Allow employees to send in their complaints
Create a healthy and positive workplace environment
Implement a productive culture within the organization
Make sure that employees are engaged and build loyalty
Remote Working Opportunities
The aftermath of the pandemic left many companies short-staffed and forced employees to work from their homes. Companies that realized the benefits of remote work have either completely shifted towards a work-from-home basis or adopted a hybrid model with some employees working in-house and others working remotely.
Research has found that remote working opportunities are an effective way to keep employees engaged and retain them through a crisis. The ability to work remotely also means employees can stay productive while also taking care of their families without worrying about any health concerns.
Outsourcing, the Best Solution for the Great Resignation Era
The resignation era has forced many businesses to look for money-saving options. The best and easiest way to save money is to outsource tasks to experts outside your company.
Outsourcing is a term that was coined to describe the practice of securing an outside vendor or organization to perform tasks that would typically be done by employees or in-house staff. Outsourcing can be an effective way to reduce payroll, increase efficiency and focus on core competencies.
Outsourcing works best when done in tandem with business processes, allowing you to identify which tasks are best performed outside of your company and which tasks you should continue to handle internally.
With a high turnover rate in the industry due to the great resignation, hiring qualified employees is one of the biggest challenges businesses face. Businesses facing this problem should consider outsourcing their work from freelance marketplaces.
How TaskShift Can Help You Out
We all know that outsourcing is the key to business growth. However, finding the right person for the job can be a tedious task. If your business does not have the time or resources to focus on this activity, there are already thousands of online freelancers available for hire on TaskShift.
TaskShift is a freelance marketplace that allows small businesses and entrepreneurs to find, hire, and pay expert freelancers for digital jobs. This is how it works: The client selects the best candidate based on their skills, experience, and price point. Payment is made through the platform using platform-approved methods like PayPal.
TaskShift is a place where you can find talented freelancers from all over the world. To make things easier for you, we have categorized our freelancers into various skill sets so that you can easily find the most suitable candidate.
At TaskShift, we focus on providing our customers with high-quality talent that can be customized for specific projects and business needs.
You can’t find a more concentrated source of freelancers at this price point anywhere else. The freelance marketplace has been designed to make it simple to outsource all of your business needs.
How to Improve Employee Engagement Going Forward
Connect with Employees
Employee engagement may be the biggest challenge companies face today. Traditional approaches to building engagement are failing. Many companies are turning to social media to connect with employees who, when engaged, can help improve workplace culture and productivity.
You need to connect with your employees on an emotional level. Companies are not just entities that do business. They are communities that bring together people with different passions, different backgrounds, and different ideas and allow them to share their talents. People want to be heard at work - they want their voices to be acknowledged and valued.
Create a Positive Workplace Environment
A positive work environment helps increase employee engagement. It can be achieved by creating a sense of trust, safety, and encouragement. These are the three most important aspects of a positive workplace environment.
Creating a sense of trust will help your employees feel more comfortable about their roles. When employees feel comfortable, they are more willing to be open about how work is being handled. This openness creates an environment filled with constructive feedback that can help improve the company as a whole.
Change the Perception around Work from Stress to Enjoyment
The reason why most employees are so disengaged is that they perceive work as a burden. There is a constant struggle to balance work and personal life.
This is not just an image problem but also a real business problem. If your employees don't want to be at work, they won't put in their best. They will put in the bare minimum, which will cost your com Work is often perceived in a negative light, and the general consensus seems to be that time spent at work is not time well spent. But this couldn’t be farther from the truth.
Changing the perception around work from stress to enjoyment; showing appreciation to employees through rewards and recognition; and finally, letting employees have fun at work. This will significantly reduce turnover rates and help retain employees in the era of great resignation.
Grant Autonomy to Employees
The psychological benefits of autonomy have been studied for decades. In recent years, it has been proven that the more freedom a person is given over their work and their schedule, the happier they are in their job.
Many companies recognize the importance of autonomy and granting employees greater control in how they perform their jobs. These businesses consistently experience lesser turnover, higher engagement scores, and increased productivity.
Flexible Working Hours
One of the most important ways to engage employees is making sure they’re satisfied with their job and have enough flexibility to do what they need to do. Flexible working hours, or a flexible schedule, is a great way to improve employee engagement.
Having a flexible schedule allows employees to better manage their time, which can help them be more productive and perform better at work. Employees who have the freedom to set their own schedules tend to have higher job satisfaction and happiness than those who don't.
With automation eating away at the job market and the economy in a bad state, people are resigning from their jobs. If this sounds like you, then perhaps it is time for you to outsource certain tasks so that you can focus on what matters most to you.
The "Great Resignation" era has arrived, and it is here to stay. In this article, we looked at the reasons why outsourcing is a viable solution for modern business owners and entrepreneurs. We hope you enjoyed this post! If you are interested in outsourcing but aren't exactly sure how to get started, please contact us at TaskShift for more information about our freelance services today.