Employers need to brace themselves for ‘The Great Resignation’ 2.0 – London Business News | Londonlovesbusiness.com

2022 saw ‘The Great Resignation,’ with employee resignations peaking at 442,000 in spring of that year.

Now, a second wave of this movement is on the horizon as a survey revealed that 28 percent of workers intend to change roles.

So, what is motivating this second coming of ‘The Great Resignation,’ and how can employers support staff to minimise burnout and feeling overworked which commonly cause individuals to quit their roles?

Reasons for resigning

Employee expectations of their work roles have shifted, including how they think about their role, working routines and the relationship between their job and wellbeing.

For example, many experiencing full-time remote work have developed new healthy habits they aren’t willing to give up, like spending more time with family and avoiding stressful commutes. This could prove an issue for companies pushing for a full return to office by the end of 2024.

In contrast, some companies have reduced, downsized or got rid of their office space altogether. But for some workers, remote work can feel isolating and has increased the demand of responsibilities on employees.

The overall consensus now points to employees feeling overworked and underpaid which is undoubtedly placing pressure on them during a cost-of-living crisis.

Ultimately, a report found that 90 percent of UK workers are unhappy in their roles, so it’s unsurprising they’d rather quit than compromise.

Assessing the impact

The impact of the ‘great resignation’ is felt beyond just those quitting – for the employers and colleagues left behind.

Currently, it costs an estimated £25,000 to replace an employee, and most employees feel that they need six months to feel settled in a role, so it can take a while for new hires to reach optimum productivity.

And unfortunately, in many cases, remaining employees are left taking on this added stress, with employers relying on them to share the workload of departing colleagues while they look for a replacement.

These employees can spend months managing an extra workload with little reward – either financially or in recognition for their efforts.

The result is overworked, underappreciated employees experiencing the negative impacts of long-term stress, which often includes physical symptoms like fatigue, nausea and stomach problems, as well as emotional symptoms including anxiety, low mood and depression.

And this is without considering the emotional impact. The great resignation may see employees losing friends and support networks that they rely on both in their role and for their wellbeing.

A positive opportunity?

However, for conscientious employers, the ‘great resignation’ may represent a positive challenge in reshaping employee benefits.

Many are instead framing the potential exodus as a ‘great reshuffling’ – with employees not simply quitting their careers but relocating to companies that better reflect their values.

So, with the power seemingly in the hands of the employees, how can business leaders accommodate their offerings to avoid disruption?

Firstly, businesses must understand employee motivations and which benefits they value, whether it’s greater flexibility or opportunities for progression.

Businesses must also remember no single benefit or intervention suits everyone. Organising one-to-one meetings with employees to understand the offerings they value most helps with grouping and prioritising benefits.

For many, this is likely to include flexibility – meeting the needs of those who prefer to work remotely, in the office, or a hybrid model. It may also include simply offering greater freedom over working hours.

For example, allowing employees to take extended lunch breaks to balance parental responsibilities – catching up in the evening – or staggering start times to allow anxious employees to avoid stressful morning commutes can boost engagement.

However, it’s also important to consider those who are struggling, rather than thriving, in their current situation. This may include those carrying the burden for departed employees or simply struggling to cope with the isolation and loneliness of remote working.

Employees should be signposted towards formal support on offer. For example, employee assistance programmes (EAPs) and remote Cognitive Behavioural Therapy (CBT) offer direct access to mental health specialists who can help employees build resilience and coping mechanisms during stressful periods.

Offering mental health awareness training also equips employees with effective knowledge and skills to listen to and support colleagues. This may be especially effective during periods of high staff turnover, giving remaining employees the confidence that all colleagues are equipped to support them.

It’s also important to consider the physical stresses on employees and how businesses can alleviate them. Firstly, offering free health assessments in the workplace gives employers a clearer understanding of the needs of their team. Then, they can offer tailored interventions.

This may include making reasonable adjustments in the home and the workplace to support employees to work comfortably, such as a ‘working from home budget’ to equip staff with ergonomic home offices.

Similarly, offering flexible working hours allows employees to attend exercise classes during sociable hours, and inviting wellbeing experts to run seminars in the office equips them with the knowledge to enjoy more active lifestyles and nutritious diets.