While 2020 ushered in the new normal with a remote work setup, 2021 had more surprises in store. The world witnessed the inception of ‘the great resignation’ in April this year when four million Americans quit their job.
Europe too was not untouched by this trend which was evident with one million job vacancies in the UK in July. This staggering figure is an all-time high for the nation and going by a recent Microsoft report, 41 per cent of the global workforce is planning to call it quits soon.
While the big resignation is shaking up the business landscape, it is also giving employers and employees a chance to re-think work culture dynamics. This includes a transition in the company culture where the benefit of employees is kept in mind to create a conducive, nurturing and stress-free environment.
Cause of the great resignation
To analyse the motivator for the great resignation, we need to understand that millennials and Gen Z make up for a significant part of the current workforce. Though these young Europeans value money, they equally value mental health.
While working remotely, many such employees got the time to reflect on their work-home balance. Long work hours, accumulated stress, anxiety and work pressure became a cause for burnout. Unable to cope with all this, employees decided to quit and look for a better career opportunity elsewhere.
A LinkedIn study shows that the greatest trigger for employees to quit jobs has been a deteriorating work-life balance. Also, being remote workers, employees have far more employment options. They can apply for jobs anywhere and start a new job without worrying about travelling. This means you can quit a local job by Friday and join a new place on Monday in a different city.
The new generation of employees
Before the pandemic, employers had a lukewarm response to remote working but in 2020, it became a necessity. Similarly, they need to understand that with changing times and, more importantly, with the current self-aware workforce, they need to adopt many changes.
At the very root of a company should be a culture that values employees. Start by establishing trust with employees and understanding their expectations and goals. Most millennials and Gen Z enjoy working where they can learn and add to their expertise.
Thirteen per cent of European employees left their job because they were no longer passionate about it. So, instead of just focusing on getting the job done, bring in new skill-sharing sessions and incorporate team-building exercises to boost the workforce.
Many employees who were part of the great job resignation sought a new job simply because their pleas fell on deaf ears. No one likes a toxic or indifferent work environment. Hence, an open-door policy in current times is essential, as it allows the workforce to stay connected with the management.
By allowing employees to openly discuss their issues, you can nip the problem in the bud, gain their confidence and establish a loyal workforce.
Remote work has been at the very centre of all changes in the business landscape. Though a necessity, this work set-up did become a double-edged sword for employers. While many workers left their organisation when asked to resume full-time work from home, some were psychologically tired of being cooped up at home.
To address this issue, companies like Apple, Amazon and Adobe have embraced a hybrid set-up where employees have options to work either from home or in the office. While Abode gives the option to work from home 50 per cent of the time, Amazon allows employers to work from home two days a week.
So, what does this new dynamic work environment with an ever-changing landscape mean for the workforce? As many people are quitting their jobs, there is a dire need for skilled labour. While employers are looking for qualified staff, millennials are looking for better financial incentives.
According to The Harvard Business Review (HBR) of 2020, 70 per cent of employees feel they are not taught the right skills needed for work. This wide gap can only be filled with upskilling.
This means turning towards modalities in education that can lead to better job opportunities. An MBA during this time can give you a robust understanding of important business aspects needed for a brighter future. Along with providing you with the right skills, it can offer you specific knowledge on useful functional areas- marketing, management and more.
If you are keen to study MBA then look into the Global MBA programme offered by the Berlin School of Business and Innovation (BSBI). Designed for the professionals of the modern business world, this programme gives students a detailed understanding of essential management topics- marketing, finance, operations and leadership.
BSBI offers the Global MBA in partnership with University for the Creative Arts (UCA), an acclaimed creative institution in the UK. Click here to know more.
Who is the Global MBA offered by BSBI suited for?
This programme is suited to the needs of modern business professionals and equips them with an in-depth understanding of key business needs. It is also recommended for those who are planning to embark on a global career.
Will students be provided with career guidance at BSBI?
Students at BSBI are supported and assisted throughout their learning process which includes preparing them for job search. They are guided to create a good CV that will portray them well. Students are also coached on giving interviews and provided with personalised career guidance.
What kind of job roles can I get with a Global MBA?
Since Global MBA gives you complete knowledge of the business landscape and helps build essential soft skills, it prepares you for a plethora of roles such as global management consultant, international trade specialist, international sales manager and many more.