Bring On The Great Realization
What comes beyond the Great Resignation?
The Great Resignation, now also referred to as the Great Talent Reshuffle, is an ongoing economic trend that has been widely discussed since the beginning of the COVID-19 pandemic.
It’s been brewing behind the scenes all this while. But the onslaught of the pandemic undoubtedly accelerated its effects across the globe. With 4.5 million job resignations in March 2022 alone, this trend has been and will continue to go strong.
In this article, I share the impact that the Great Resignation Wave has had on Singapore in particular, and give my own spin on how leaders can view the Great Resignation in a different light.
Has the Great Resignation Wave hit Singapore’s shores?
What was once perceived to be a Western phenomenon cannot be dismissed now that it’s evidently arrived on Singapore’s shores. A survey of Singapore’s SMEs indicates that 62% are battling with the aftermath of having more employees resigning now than a year ago.
Based on the 2022 Employee Engagement & Retention Report released by the Ontario-based Achievers Workforce Institute (AWI), many places worldwide, including Singapore, have a high level of workplace dissatisfaction. In fact, only 16% feel a sense of strong belonging in their organisation.
We see further evidence of this in the Talent Trends 2022 Report where 65% of Singaporeans have expressed their willingness to sacrifice salary, bonus, or promotion for greater well-being, mental health, and happiness.
The Age of The Great Realization
If I could phrase it a different way, the Great Resignation phenomenon (made more evident from COVID-19) that made waves across Singapore, was a wake-up call to Singaporeans in many ways.
It was a result of the realizations that dawned on them. Here are a few that I’ve made a mental note of, either from my personal reflections or through my sessions as a leadership coach:
People are realizing that there is more to life than work
Bid adieu to the days of 9 to 5. The Great Resignation is in fact the Great Realization where people are now drawn to things that give them meaning and fulfillment. A job that pays well no longer makes the cut.
If anything, the pandemic brought us back to the basics. Back to the things that truly matter to us. If we think about it, it acted like a natural sieve that filtered out what didn’t matter and brought us back to our core.
Truth be told, this realization was also what made me reevaluate what my core values were and who I really was. In turn, it helped me crystallize why I do what I do as a leadership coach.
People are realizing that the “workplace” is evolving
One thing I’ve told all the leaders I journey with in my executive coaching program is that change is the only constant.
2020 is the year that redefined work –– the year that made WFH the norm.
Apart from essential workers, we the “non-essential” ones (just kidding) had to adapt to executing our jobs from the confines, or comfort, of our home.
Fast forward to 2022, the EY 2022 Work Reimagined Survey results, revealed that 90% of Singaporean employees expect to be able to work remotely at least two days per week. This request that would have been frowned upon just years before is now being integrated into our HR policies.
The traditional workplace is evolving, and we must all adapt accordingly.
People are realizing that human connection cannot be replaced
The landscape has now changed once more.
When we were in the throes of quarantine and isolation, work meetings took place over “Zoom” or “Google Meets” or “Teams, whichever your preference was. New colleagues probably joined the team without you ever seeing them face to face. Colleagues you once shared a co-working space with could have left without you ever having the chance to say goodbye.
Now that we are back at the office, one thing I realized that I missed was the human interaction. It was the intangible value of being able to have conversations at whim, calling out for people to join me on a coffee break, and even seeing their idiosyncrasies on full display at work.
Connection is something that can never be replaced. As employers start to ask what they could have done to prevent the Great Resignation from affecting them, this is something worth considering.
Build points of connection with your employees. Connect with them beyond work-related topics. Because connection builds a sense of belonging, and employees who feel like they belong in the workplace are likely to remain loyal to it.
