Gil Carrara, Managing Partner, Princeton, discusses where the job market is headed post-pandemic.
It is fantastic that we are finally coming out of the Pandemic. Businesses are opening, towns and cities are coming back to life and travel and hospitality organizations are slowly getting busier.
What about people? How are they feeling about the “return to the new normal”? In fact, it is very interesting what is happening. Most people have used the time during the Pandemic to reassess their life taking into consideration to live where they want and with who they want to live with; analyzing what they really want to do – short and long term.
In a recent article published by Erica Pandey, Author of What’s Next 1, Anthony Klotz, Associate Professor of Management at Texas A&M stated recently that he doesn’t, “envy the challenge that human resources faces right now,” referring to surveys that showed anywhere from 25% to 40% of employees are thinking about quitting their jobs. It is such a large number that some economists have begun to call it the “Great Resignation.”
This is all brought on by a perfect storm of trends. First, people have had time to ask themselves “Is this what I want to continue doing?” Do they enjoy their work? Some are either burned out or are choosing not to deal with the volatility in their industry and are actively changing their careers totally. And some are quitting because their employers will not let them continue to work from home while others miss their offices and their employer wants them to work in a hybrid situation.
No matter the reason, I feel there is a great shift coming. Some individuals may feel that if they return to the office, they will have difficulty with childcare because many daycare centers closed due to the pandemic, and now they are having difficulties bringing their staff back. Another issue for employers in the workplace is how to arrange office space to help protect those employees who are not vaccinated.
It will be interesting to see how this all works out, but I definitely see a new set of issues for those companies that choose to go back to the office versus those that embrace the change and keep a more open model for their employees.
1 Erica Pandey, “Great Resignation” Wave Coming for Companies – Axios.com, June 14, 2021, https://www.axios.com/resignations-companies-e279fcfc-c8e7-4955-8a9b-47562490ee55.html