Ask any hiring manager or HR professional, and they’ll tell you all about The Great Resignation – the mass exodus of workers from the workforce in recent years that’s upended the labor market.
What caused The Great Resignation (or “Re-Evaluation”)?
Some people make the mistake of thinking the Covid-19 pandemic was the sole cause of The Great Resignation. But it’s more accurate to say the pandemic accelerated and intensified the phenomenon rather than caused it. The Great Resignation was really caused by a combination of factors, including:
- Baby Boomers retiring in record numbers.
- Declining birth rates stretch back decades.
- Labor participation rates are shrinking.
But The Great Resignation might be more accurately framed as The Great Re-Evaluation – workers re-evaluating what work means to them, and how they do it. And it’s helped spur an entrepreneurial boom as much as it has helped redefine the meaning of “work.”
What are companies doing to respond?
How have companies responded to The Great Resignation (or Re-Evaluation)? If they’re smart, they’ve taken steps to meet employees where they are. The first step is having an open dialogue with employees and soliciting honest and transparent feedback. Companies also need to show genuine commitment to diversity and inclusion, areas where employees have placed increased importance in this new era. Last but not least, employers must have clear pathways for employees to learn and grow – employees want their work to matter to them personally, and have a clear benefit for them and the wider world.
How is this contributing to the entrepreneurial boom?
Many people are choosing to forgo the traditional employment route entirely in the face of the changing landscape of work. And entrepreneurialism is an obvious path. People can add more freedom, flexibility, and opportunity to their lives when they strike out on their own and start a business. The Great Re-Evaluation isn’t just causing people to leave the workforce, explore other fields, and take on side jobs or freelance gigs in place of full-time work; it’s pushing many toward the self-made entrepreneurial path.
Ready to Launch Your Entrepreneurial Journey?
Do it with Naturals2Go. We make it easy to get started thanks to our support services, including location procurement and lifetime coaching. If you’re interested in learning more, contact our team today.