The Great Resignation refer to the Big Quit, is an economic trend in which employees voluntarily resign from their jobs en masse, beginning in early 2021, maybe earlier worldwide, in response to the COVID-19 pandemic, where government refusing to or run out of aid to provide necessary worker protections, and wage stagnation despite a rising cost of living. High quit rates cover under voluntary resignation surge unemployment rates. Whether it is polished by the government to make the figure look good or whatever. Massive layoffs and resignations were affected most by the lockdowns, economic recession (technically most of the countries in the world is under recession by definition, and some is toward Great Recession, as major and industry or sector massive layoffs and resignations is continue, where you can reads from the various news across the world).
In the era of the Great Resignation, the impact is particularly worst from manufacturing dependent on domestic and oversea order, services industries – food and beverage, hotel and travel related that require in-person interactions, as expected have been hit the hardest by waves of resignations. Government aid and stimulus once run out, as we can see the reality much clearer.
As a phenomenon now occurring in China, the winter is coming. Waves of mass resignations have been offered and executed. Many local governments within China are ordering civil service pay cuts, this accelerates it in the private sectors to fuel pay cuts and layoffs – or simply shut down.
The world is eyeing how the Omicron COVID-19 variant makes the impact for this Christmas and New Year holiday season. As lessons have been learned, how costly it will be for the lockdowns and impact on the economy will be, and how much effort it will take to restart. If the manufacturing plant shuts down, it takes much more than you thought to restart that, and the impact is greater than you expect. You see how the foreign investors disinvest in China under way and impact on the local ecosystems. Just imagine, one hypermarket giant corporation will require how many local suppliers enterprises, and hire how many workers, and feed how many family members. When foreign investors disinvest one after another, or you simply are not capable of attracting foreign investors, it may mean what in short and long term to the economy. It is always a relative and competitive dynamic concept, just imagine the country will get the foreign investors who will outperform you in the short and long term.
COVID-19 Pandemic as change accelerator. For the good, the world accepts web live meetings and communication (regardless where you are) now. Hybrid work model is raising awareness, and shaping the future of work. Knowledge workers who possess the can-do attitude and can work in the world virtual team manner and can adapt the new project economy reality and make contribution, will continue to be employed, as the world moves and accelerates toward project economy. In the era of the Great Resignation, are you getting ready for the transition and shaping your skill for it?
E-SPIN Group in the enterprise ICT solution supply, consultancy, project management, training and maintenance for corporation and government agencies did business across the region and via the channel. Feel free to contact E-SPIN for your project requirement and inquiry.