Career instability, financial insecurity, and other socio-economic factors are just some of the things that make up the whole picture of answering the question, “Why is the Great Resignation happening?”
With more and more people quitting their jobs, this sure has significant effects on today’s job market. That said, here are 5 key factors that represent the impact of The Great Resignation on the Philippines’ overall employment landscape.
1. The talent gap grows wider.
As people quit their jobs, it’s undeniable that the talent gap in today’s job market will grow wider. If the impact of The Great Resignation continues to bring about challenging circumstances, there’s a higher chance for employers to find it hard to sustain their operations.
With this, there’s a global shortage when it comes to workers in specialized fields such as tech, and the opportunity to address such a challenge would entail more resources on the side of the employers as they double their efforts to fill this gap.
2. Talent retention and culture-building take center stage.
Since the cost of finding talent would be high, employers need to do their best to retain workers that are the best fit for the organization. In this day and age when uncertainty is at its peak driven by the COVID-19 pandemic and other socio-economic factors, employees ought to seek safer, more reliable options when it comes to their careers and how their choices affect their personal lives, too.
Having that said, companies take a huge leap into giving more focus on what incentivizes employees and making them safe, cared for, and appreciated. In general, the concept and practice of work-life balance must be reinforced by discouraging work overload and instead, promoting relationship-building, inclusivity, and putting value in resting. This way, productivity can be enhanced and workers can feel more engaged and be willing to do more and better in their roles.
Also, employers now consider prioritizing the mental health and wellness of their workers, as the impact of the pandemic brought more light to their importance. Companies do this by putting out initiatives on providing mental health leaves, free psychological consultations, and wellness packages included in their employee perks.
Moreover, building a culture of open, honest management leads to talent retention when it comes to employees feeling and seeing that the company gives the time and effort to understand their needs and set them up for success.
3. Employers consider more flexible work setups.
One of the best ways companies can attract, retain, and engage talents is to adopt a more flexible work setup, wherein if 100% remote work isn’t viable, at least a hybrid arrangement must be taken into consideration and implemented.
According to the Manila Bulletin, the COVID-19 pandemic has accelerated the evolution of the conventional work setup, setting the stage for the future of the hybrid workplace. While some Filipinos were already working from home or remotely even before the health crisis, the number grew significantly during the pandemic. On the other hand, employees in industries that require on-site work even during the pandemic have been reevaluating their priorities and considering a more flexible setup to continue their jobs.
As employers see it, hybrid setup and remote work are the future. As the benefits of implementing such models become more favorable than the cons tied with them, companies don’t see a reason why they shouldn’t consider doing so.
Slack’s (a business communication platform) CEO Stewart Butterfield also shares the same sentiment of encouraging employers to take the leap and promote hybrid work arrangements. This is what he has to say (or in this case, ask): “If we say that everyone must return to the office, or we expect people to, and one of our competitors says you can work remotely, who wouldn’t take the second option there?”
4. Worker safety is of primary concern.
A study cited by the Manila Bulletin found that a lot of Filipinos state safety concerns as the main reason why they leave their jobs. With the pandemic still posing threat to one’s safety and health, reporting on-site is a challenge these days. Further, giving workers a sense of stability and security is key to helping them feel more engaged, productive, and confident to continue working amidst the global health crisis.
Hence, employers have the responsibility of implementing clear and fair protocols as well as flexible work setups to help employees prioritize their health and safety as they continue to brave the risks associated with on-site work.
5. Employees continue to seek value and purpose.
As technology, circumstances, and other social factors drive changes to the Philippines’ job market, workers become more intentional in looking for better opportunities. In fact, a study found that 73% of employees working in the Philippines are willing to sacrifice salary and other benefits for greater well-being, mental health, and happiness.
Companies that commit to providing a clear career path for their employees are experts in their game. Needless to say, workers feel more secure and confident staying at a company that recognizes one’s individual goals and development plans for the present and foreseeable future. This applies not just to entry-level or younger generation workers, but also to most mid-career professionals who may rather feel stuck in their roles for a long time. In a similar way, companies can become more inclusive and sustainable as they take steps in retaining talents. In the long run, the costs of hiring and recruitment processes can be reduced and the overall employee satisfaction will be improved.
To conclude, the impact of The Great Resignation can also be treated as an opportunity to create more jobs and transform existing career paths to adapt to the ever-changing job market. In fact, Bossjob can be your reliable partner as you try to search for new and better opportunities out there.
That said, browse Bossjob’s thousands of available job openings from various industries and for various job levels. Sign up for a job seeker account now and explore how you can kickstart your journey toward the exciting times ahead.
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