The “Great Resignation” continues to be a hot topic for both employees and businesses owners. It’s no secret the traditional workforce as we know is changing. New business startups and established organizations are experiencing the “growing pains” of an evolving workforce. As your business continues to grow, here are three things to keep in mind or know while navigating the “Great Resignation.”
1. What is “The Great Resignation?”
The first thing you should know as a business owner is an accurate definition of “The Great Resignation.” If you’re a little confused about “The Great Resignation” and what it really means, here’s some background on where the term came from.
According to Anthony Klotz, associate professor of management at Texas A&M, the “Great Resignation” is referred to as the “widespread trend of a significant number of workers leaving their jobs during the COVID-19 pandemic.”
Klotz, who coined the term in a 2021 Bloomberg article, forecasted the rise in employees quitting their jobs. In the original piece, the associate professor says, “When there’s uncertainty, people tend to stay put, so there are pent-up resignations that didn’t happen over the past year.”
In December of 2021 alone, 4.3 million Americans quit their jobs, according to the U.S. Bureau of Labor Statistics. It’s easy to see why business owners are struggling to keep and recruit new talent.
While no one can predict the future of what the workforce will look like in the next few years, it’s important to be well-informed and knowledgeable of all things that will impact your business.
2. Self-care
Now that you know the proper definition for “The Great Resignation,” it’s also important to keep in mind the ways in which you should be showing and giving yourself grace. Taking care of your mental health is equally important as taking care of your physical health. The past two years have not been easy for anyone. Here are three things you can do to support your mental health:
- Exercise
- Seek Professional Help
- Integrate Daily or Weekly Routine
Operating a business is hard. Operating a business during a global pandemic is even harder. Make sure you are making yourself a priority and taking care of your mental health.
3. Learn to Pivot
If you didn’t know how or what pivoting meant for your business or organization, I’m sure you are learning this lesson now. Learning how to pivot through the “Great Resignation” is something you should always keep in mind. In March of 2020 restaurants, shops, stores, and other establishments were not prepared to close their doors to the public. Not only were they not prepared but a lot of these companies could not afford to completely shut down. So, what happened next? Restaurants that had no experience with online ordering, now have a way for customers to place multiple orders at one time. Grocery stores now have contactless pickup for shoppers. The ways in which you learn how to pivot could mean the difference between your business being successful or failing.
Since early 2020 you’ve had to imagine a new normal as a business owner. Although things are not the same as they were and will probably never be, it’s important to give and show yourself grace. As employees and candidates aim to figure out what was really important in life and what works for them, you should do the same.
Thinking of starting a business and not sure where to start? Contact Brinkley Walser Stoner today to schedule an appointment with one of our experienced attorneys.