On Aug. 5, 2022, an article by Jessica Stillman from Inc. caught my attention because of the headline “The Great Resignation is Turning into The Great Regret. Employers are Joining In Too.”[1] The sub-headline goes this way: “Many employees who joined the Great Resignation are discovering the grass isn’t greener. (And the companies that hired them have regrets as well.)”
Stillman says studies have recently shown that this mass resignation phenomenon has gone on long enough and that the backlash begins as more studies show that people have acted on impulse and the Great Resignation has started to spawn the “Great Regret.” Jessica Stillman, in her article, pointed two major observations regarding the backlash.
1. Workers are discovering the grass is not greener
Survey shows that almost 72 percent of those who quit and moved to other companies experience either “surprise or regret” that the new position or company turned out to be “very different from what they were led to believe. Nearly half (48 percent) of these workers said they would try to get their old job back,” reports the UK’s Guardian.
Another poll commissioned by USA Today found that just 26 percent of job switchers like their new job enough to stay. An only slightly less pessimistic survey from Joblist found “a quarter of those who quit their jobs during the pandemic now regret it,” according to Fortune.
Finally, a LinkedIn study of 500,000 job changes in 2021 found the number of new hires who had been in their previous position for less than a year rose by 6.5 percent compared with the year before. It’s another sign of continuing employee restlessness.
2. Firms are suffering buyer’s remorse as well
Reports indicate that it’s not just employees falling victim to the Great Regret. Many employers are regretting pandemic-era hiring decisions as well.
“Now that the economy is slowing down due to inflation, the war in Ukraine, and waning consumer and investor confidence, companies across industries have already made cuts,” continues the article.
3. There’s no going back to the status quo
What’s the takeaway here? Data continues to show that workers are incredibly burned out and intolerant of toxic and exploitative cultures. The lesson for employers isn’t that you can go back to treating your people shabbily now.
“If the idea of the ‘Great Regret’ made employers think we’ll return to the status quo, we won’t. Workplace toxicity is fueling the mental health crisis American workers continue to face. The losers of the talent war will be those who fail to address it,” the head of one recruitment firm warned employers.
Reading this article has led me to think about “The Great Poaching” of companies from the west that has inspired many of our local talents to quit their jobs and do “gigs.” Would their “gigs” be sustainable in the face of their slowing economy brought about by the Russia-Ukraine conflict, rising inflation, an anticipated recession, etc.? Could they still upskill and upgrade their competencies now that they do not have HR and learning and development coverage providing them the same? In their absence from the traditional work scene, would they still have the opportunity to have gainful employment should they decide to go back?
While the prospect of “working anywhere” doing “gigs” with their photos posted on IG featuring these young people working on their laptops against a beautiful sunrise on an immaculate beachfront is enticing, tempting others to quit their jobs and do the same. Would this be a decision that can provide and sustain them an excellent professional future, or is this again another “Impulse Response” that would lead to regret later on? I wonder.
Meanwhile, the logical approach of employers should be to make work fulfilling, create a toxic-free culture and train the managers with practical leadership skills that can convince the talents to stay. And needless to say, to give them the pay and rewards they truly deserve. The logic here is to ask the question: “why would people leave in the first place when they are working with a company, they can be proud of, inspired by the leaders they work for, and encouraged by the people they work with?” There is not enough reason for them to quit, is there? No matter how many IG photos of their beach buddies they see.
(The next Level Up Leadership 2.0 Master Class Online run will happen this Sept. 27-29. For inquiries and reservations, contact April at +63928-559-1798 or and for more information, visit www.levelupleadership.ph)
[1] The Great Resignation Is Turning Into the ‘Great Regret.’ Employers Are .... https://www.inc.com/jessica-stillman/hiring-great-resignation-great-regret.html