Employees looking for better opportunities and resigning from their posts left organizations worldwide in challenging situations amid the pandemic. Offshoring solutions offer salvation.
The Covid-19 pandemic showed everyone that health and safety come first before everything else. Yes, even careers. Given the grave losses, the pandemic brings even their careers.
The death toll and active cases made it apparent. Everything that endangers their lives requires adjustments.
The most blatant offender? Jobs forcing people to report to crowded commercial establishments despite unappealing benefits and compensation.
his empowered employees to pursue the best situation for themselves and their respective families, even by leaving behind a stable career.
This pandemic brought front and center several issues that caused people to rethink their careers. They include: settling for a wage lower than expected, accepting compensation that doesn’t protect their mental and physical health, enduring a fixed shift that prohibits them from maintaining work-life balance, tolerating an on-site work setup despite the threat of Covid-19, and more.
Now, employees are taking control of their lives. The tables have turned for businesses. Workers now hold the upper hand, leaving plenty of companies struggling with adjusting their operations to compensate for the endless employee turnovers and vacated seats caused by the Great Resignation.
What is the Great Resignation?
Before discussing the Great Resignation, we must touch on the adjustments necessitated by Covid-19 pandemic. A lot of things changed instantly, and many companies didn’t have strategies to adapt quickly and sustainably.
Unfortunately, employees took the hit. Some businesses had to close down or employees had to work from home despite not having the equipment and tools. Organizations took significant financial losses, leading to employee layoffs, abandoned business tasks, and other actions to cut down costs. The adjustments were more related to sacrifices than to improvements.
More than 110 million people worldwide lost their jobs in 2020. The tally quadrupled the number over a decade ago during the global financial crisis, the Great Recession. Most organizations took significant losses, but they are all in the name of remaining operational. Entrepreneurs are resilient, one of the qualities that keep them successful despite facing a challenge as complex and exhausting as the Covid-19 pandemic business adjustments.
Organizations are slowly recovering, shifting their operations to welcome returning employees or hire new ones. Some might even have their business establishments adjust to the Covid-19 protocols, allowing them to return to on-site operations. The goal for the past two years has always been to return to normal. Unfortunately, that was not the case for employees.
Everything about work changed. While the Covid-19 pandemic is mostly bad for businesses, the event garnered different reactions from employees worldwide.
Some thrived in the work-from-home environment, and returning to on-site work setups could lead to slowed progress. Others realized that work-life balance is more important than their careers, refusing to dedicate more hours to work than the allocated work shift.
Regardless of the reason, it is evident that people are resigning from their work to find another job that suits their life better. Judging by the numbers of the Great Resignation, it is clear that businesses must concede.
Businesses had to make sacrifices to maintain operations amid the pandemic. Employees worldwide were forced to survive without income, take care of their Covid-19-stricken dependents with health insurance, and go into debt to stay alive.
Millions had to suffer through the global crisis without a job to rely on for money. They got exposed from one significant problem to another.
In life, those situations come with hard-earned lessons. Employees make up about 42% of the world’s population, with 27% of the latter being their dependents.
With over 8% unemployed, business owners, C-level executives, and board members remain outnumbered.
Employees saw how businesses adjusted to survive the pandemic. That period sparked the flame in their hearts to suggest favorable terms. No, demand favorable terms. Unfortunately, the shift in power puts businesses in a compromised situation.
Where Do Companies Go from Here?
Employers must keep up with those demands, from higher compensation and work flexibility to better benefits and retirement plans. Organizations that continue to fight against the power shift will find themselves losing employees fast, significantly hurting operations they worked so hard to adjust.
As a result, solutions to retain employees or improve employee packages became more than just maintaining growth for companies. They became necessities to keep the business alive.
Employee retention and engagement strategies have always been effective tools to keep your workforce happy and contented inside the office. Their experience matters right from the get-go. Here are a few factors that improve their experience:
- Trust, communication, and transparency with employers
- Collaborative work environments, both on-site and digital
- Inclusive and welcoming company culture
- Recognition and engagement from management and employers
- Upskilling and career development
- Corporate social welfare and responsibility
- Adjusted pay, compensation, and work flexibility in the new normal (Covid-19 pandemic)
Those factors feel seamless to incorporate into the company, with most organizations already boasting them. Unfortunately, employee demands for adjustments in the Covid-19 pandemic era can be costly to pursue.
As much as you want to retain all your workers, increasing pay and compensation might put the company in financial trouble. Knowing that other organizations can provide them with their desired employee package can be a terrifying scenario for your retention strategies.
Work flexibility could also become a point of contention, regardless of whether you adjust pay and compensation or not. The traditional 9 to 5, 5 on-site workdays a week shift is no longer appealing.
Employees already know the benefits of work-from-home setups, especially with most businesses moving towards digital environments for operations.
Employees have plenty of job opportunities to pursue because of the drastic shift to remote work, even in other countries. No employee retention and engagement strategies can hold them back from seeking better situations, especially after experiencing the pandemic.
The Great Resignation's Effect on Talent Migration
Companies had to adjust to the Covid-19 pandemic, but the employees did. People need jobs to survive, which might be an organization’s only hold to avoid keeping up with employee demands.
However, accessing job opportunities with better terms is easier now than ever because of technology. Recruiting and retaining talent becomes a more challenging field because geographical limitations are no longer there.
But at the same time, it is a technology that can help businesses avoid suffering from the Great Resignation.
Businesses adjusted to the demands of the Covid-19 pandemic, which means they are open to adjustments once more.
Suppose talent shortage and employee resignations are becoming increasingly problematic for your company. In that case, you can find many solutions that negate their effects. Offshoring is one of those answers.
Jobs are vital to every person on the planet as income sources. Living comes with a price, and people are just trying to find better job opportunities to build themselves a more stable defense against an increasingly hostile world. When one of your employees resigns, another company receives a worker.
Talent migrates, a formula perfected by offshoring companies to help clients grow. Hailed as one of the business services saving companies from the pandemic, offshoring solutions are also effective against the Great Resignation.
Adjusting the entire employee package and experience can be too costly, even if you want to do it. Despite your good intentions, the route is too unrealistic when suffering from significant financial losses amid the pandemic.
As you know, the business landscape will always be competitive. Keeping up with employee demands will take evolving planning, effort, and most of all, time. It is a very challenging position to find yourself in, with one side pinning your back against the wall because of employee demands and the other with your wallet getting drained.
Offshoring solutions act as a way to keep employers in control while adjusting. Offshoring gives companies time to resume operations and stabilize profits to improve employee compensation and pay. Organizations can replace resigning employees with talent worldwide while staying cost-efficient.
You can say the same for outsourcing and nearshoring. All three business services help organizations fill vacant roles to ensure business continuity and cost-efficiency.
However, offshoring offers a long-term contract, even reaching borderline permanent. It is your answer to the Great Resignation, but it can be your way of adjusting to the future of businesses. It is difficult to run a business in these trying times. However, companies won’t exist without employees.
iSupport Worldwide to Companies Affected by the Great Resignation
Companies of any size, shape, and industry will suffer if they fail to adjust to the Great Resignation. In the new normal, where employees seek better opportunities, businesses must put their names at the top of the list to maintain competitive advantage and operational continuity.
However, it is easier and less costly said than done. It will take time to increase employee pay and compensation and adjust work flexibility and company culture. Fortunately, customized offshoring solutions can help prevent the Great Resignation from severely affecting your operations.
iSupport Worldwide can help companies fill their gaps, providing top candidates for every business function in one of the world’s most inclusive and flexible labor markets.
iSupport Worldwide is your modern offshoring partner, with 17 years of experience serving clients all around the globe. If you need to fill up the vacancies left by resigning in-house employees, you can create an offshore team that can perform their tasks for almost 70% less the cost.
Talent migration is a critical solution for the Great Resignation, and iSupport Worldwide can set you up for success as fast as 30 days! Book a meeting here to get started!