Will The Great Resignation Impact You?
Every so often, an event happens that shapes a generation. In 2022, this event could be the 'Great Resignation'. But what is it, and why should you take note?
The Great Resignation
The last few years have been challenging for all of us - there's no doubting that. Battling COVID, anxiety, stress and worries associated with daily life, some of us have been fortunate enough to rely on the stability of working remotely. Now, emerging from the other side of the pandemic, attitudes are changing.
Working attitudes have shifted from the days of 9-5, Monday to Friday, chained to a desk. Instead, attitudes towards a work/life balance have shifted. For some, work is now on the back burner. Equally, others doubt the productivity of those working outside of an office.
One thing isn't up for debate: 2021 saw a record number of resignations - 4.5 million people quit by the end of November - leading to experts branding it the 'Great Resignation'.
What's Driving This?
Some employers have struggled to tempt staff back to the office in a hybrid capacity, whilst others have demanded a full return. Some employees have been reluctant to step back into lower-paying roles where they're viewed as dispensable.
The term the 'Great Resignation' was coined by Anthony Klotz, a professor of management at Mays Business School at Texas A&M University, in 2021.
Speaking on a panel discussion with the Washington Post, he outlined the four pandemic-related trends he believed led to the event occurring, which are:
A backlog of resignations that would've happened earlier if not for COVID
Heightened levels of burnout
The "pandemic epiphanies" from people who made major shifts in their lives during the pandemic
People who don't want to be back in an office
The Repercussions
As established earlier, record numbers of people are leaving their roles, prompting publications such as Bloomberg to run articles such as 'How to Quit Your Job in the Great Post-Pandemic Resignation Boom'.
A paper published on the impact on the UK labour market showed the number of people claiming unemployment-related benefits fell by 48,000 in the month to February 2022 but remains 510,000 higher than in March 2020
But what other takeaways have there been? Findings from ZDNet showed that:
Two-thirds of tech workers are either already seeking new jobs or are open to moving
Three-quarters of tech workers who changed jobs last year had two other offers
There are already 2.5 million open cyber security jobs across the world; it would take the entire population of a city the size of Chicago to fill them
Could You Be Impacted?
Whilst all sectors will feel the brunt of the staff turnover, findings have shown the tech space is amongst the worst hit. The study found that "resignation rates were higher among employees who worked in fields that had experienced extreme increases in demand due to the pandemic, likely leading to increased workloads and burnout."
As anyone in tech can attest, the shift to remote work increased the pressure on internal IT departments. Yet, the tech sector may be one of the few industries to have emerged from a global pandemic in better shape than it entered.
But, with job vacancies aplenty and skilled workers appearing to be few and far between, how can you meet the increasing workload and demands with a workforce potentially smaller than you had in 2019?
MSPs: An All-In-One Solution
Filling these tech vacancies - especially those in cyber security- can be challenging for an organisation. The world keeps moving as companies scramble to fill vacancies in potentially vulnerable areas.
However, a managed service provider (MSP) could provide a ready-made, one-stop-shop solution. If your workforce is spread thin, or you need help to align your IT goals with your business plan, you may ask, 'Do I need an MSP?' The answer is likely to be resounding. Yes, you do.
Not only can they become trusted business partners, but they can also offer an opportunity to outsource business-critical functions that could be considered secondary to their core product.
The Final Word
At Fifosys, we've been the trusted MSP for various business sectors. With over two decades of experience, we've worked to ensure that all our partners know - and feel - the benefits associated with having an MSP.
Not only can you save on IT expenditures, but you can also develop your infrastructure to ensure it's viewed as something to be proud of—not just a necessary evil.
Contact our team today for an introduction and to hear more about how we can support you.