The Great Reshuffle
During the pandemic, there was a phenomenon called "the Great Resignation," where millions of people chose to leave their job as they faced lockdowns and career uncertainties. This became a new phase of the labor market, the "Great Reshuffle," where workers leave to find a new occupation or workplace that is more aligned with the values they prioritize. The shift in employees' values demands firms develop ways to adjust to suit their workforce's needs.
WHAT RESHUFFLING LABORS ARE LOOKING FOR?
According to Forbes, more than half of Americans who quit in February 2022 are switching to a new job or field of work. The main reasons making people consider changing jobs are a company's culture, unfair compensation, and an unpredictable work schedule. "People are finding jobs that give them the right pay, benefits, and work arrangements in the longer term," said Prof. Anthony Klotz from Texas A&M University—the originator of the term "Great Resignation." As a result, people are seeking careers offering higher wages and aligning with their values; this includes looking for firms that can provide Work-life "Balance" as people after the pandemic era tend to put their time over work because they reflect how many "unreasonable hours" they used to dedicate for work before.
BUSINESSES MUST ADAPT
Companies must pay attention to shared values with employees as the in-demand workforce has various options for selecting a firm that provides the proper compensation and working conditions. This can be accomplished by adjusting the culture to better reflect their values, such as being more flexible in terms of work hours and location. To effectively operate while providing work flexibility, companies have to invest in developing their human capital in an organization by upskilling and reskilling their employees to be more competent. Moreover, another factor that can help enhance flexibility is using the Key Impact Indicator instead of the Key Performance Indicator, which evaluates the performance by looking at the impact that employees contribute instead of sales or revenues. Altering the incentive by rewarding employees based on their impact or contribution can increase employee engagement and effective results, enhancing the workplace to suit by adopting work flexibility; this can eventually help attract in-demand workers to the firms.
The great reshuffle demonstrates the significant value shifts in employees following the pandemic era. Work flexibility may become the bare minimum when selecting a job in the future. As a result, employers must understand the demand, value human capital within the organization, and invest in capable employees in order to create impact while remaining flexible.
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