The Great Resignation: A Pressing Challenge and How Technology Can Help
The pandemic has impacted many aspects of our lives, and most businesses are reeling from the effects. The Great Resignation has caused tremendous economic disruption for many companies due to the challenges involved in adapting to a new work culture.
Many employees have resigned from their jobs, and some are still getting used to the work-from-home arrangement. The economy is bearing the brunt of this disruption, with many people losing jobs, others resigning, and having to rethink their careers.
Thankfully, there is a way businesses can leverage technology to grow even better with the current challenges. Technology solutions are some ways that companies can shield themselves from the effects of the Great Resignation.
What is the Great Resignation?
The phrase “The Great Resignation” was coined by Anthony Klotz, an associate professor at Texas A&M University, in a 2021 article on Bloomberg. In the article, he referred to the mass exit of employees from jobs and careers they were no longer interested in as the Great Resignation.
What Klotz predicted became true, and the mass exodus is on. The number of resignations has grown to unprecedented levels. This is backed up by data from the U.S. Bureau of Labor Statistics.
3.99 million Americans quit their jobs in April 2021 alone. Another 3.87 million quit their jobs in June, and some 3.98 million followed suit in July. August of 2021 saw 4.27 million Americans leaving their jobs or changing careers.
What is Causing the Great Resignation?
Although the great resignation cuts across all sectors and regions in the U.S, some industries have borne its brunt, with the hospitality, leisure, and retail sectors being most affected.
Many people in business and professional services have also quit their jobs due to a desire to get more job fulfillment, the need for a better work-life balance, or just a better workplace environment.
The health care industry has also experienced the Great Resignation, with around 579,000 health care workers resigning or changing their careers in August 2021. The ongoing pandemic continues to be a significant factor in the change of careers and resignations.
How Can Technology Help Companies During the Great Resignation?
Digital transformation can solve the Great Resignation, and redirecting your focus on technology can benefit your business. Automation technology helps businesses run mundane tasks and enables companies to focus on the cogs and wheels of the business.
As many companies struggle with getting new and retaining talent, adopting technology might be the magic bullet that will help you manage short-staffing. Digital solutions can help you complete tasks that require a large team in full and on time.
Instead of struggling to hire and retain a large number of employees, you can direct your efforts towards adopting efficient automation technology. With automated processes, your business can survive the Great Resignation since a smaller team can complete tasks that would have required many employees.
Technology can help organizations complete a larger amount more efficiently and cost-effectively using a smaller team. This is the primary reason why more businesses are adopting digital solutions and workflow automation.
What are the Other Benefits of Technology to Managing the Great Resignation?
Automation technology gives you the ability to complete more tasks with a smaller team, and it also comes with other benefits. Here are six other reasons many businesses and organizations are implementing digital solutions:
#1. Improving efficiency
Although some tasks are simple, they can be repetitive and monotonous. Humans get tired quickly and can be distracted after doing repetitive jobs. Humans are prone to error, and carrying out repetitive tasks often leads to mistakes and inefficiency, which can lead to higher costs for businesses. Technology enables your team to focus on more crucial tasks and achieve more in a shorter time.
#2. Attracting and retaining top talent
With technology, your team can focus on their core tasks. According to HR experts, concentrating on the core tasks leads to a happier and more productive workforce. Your organization can attract potential candidates and retain top talent by outlining the tools you have put in place to help them carry out their daily tasks more efficiently and with minimum interruptions.
#3. Identifying potential problems more easily
Implementing digital solutions can help organizations identify bottlenecks in their processes. It makes it much easier to pinpoint problems and resolve them. This, in turn, leads to more efficiency and staff satisfaction in the long term.
#4. Reducing operational costs
Carrying out manual tasks requires a large team and a larger wage bill. According to Gallup, replacing an employee to do manual tasks costs more, reduces team morale, and lowers productivity. Implementing technology can lower this cost by reducing the number of replacements and lowering expensive human errors.
#5. Managing volatility
Using technology to complete manual tasks can help you avoid high overhead costs. Digital solutions can help you better monitor volumes and adjust your processes while staying on budget.
#6. Gaining a competitive edge
Ineffective processes can be detrimental in your quest to hire and retain top talent. Potential candidates are looking for jobs to perform their core tasks efficiently without interruptions.
Adopting technology in your business operations can help you attract dream candidates looking for a modern tech-savvy organization. This will help you gain a competitive edge over your competitors in the long run.
How Can Technology Support Employees While Ensuring Productivity?
- Real-time communication: Technology can help you keep your team connected and enhance their collaboration. It also makes managing your teams more convenient.
- Self-reliant teams: Your employees can resolve non-crucial issues independently and improve confidence and job satisfaction.
- Eliminate micromanagement: Micromanagement is one of the forces behind the Big Quit as it can lead to employees resigning to get peace of mind. With technology, you won’t need to micromanage your team as you can record your progress and the hours spent on tasks with minimal human intervention.
- Support the hybrid work model: Working away from the office can be challenging, and hybrid work can help reduce resignations by reducing the stress associated with working from home. Innovative technology combined with empathy can help you maintain a happier team and increase productivity.
The Bottom Line
Technology can help you mitigate the effects of the Great Resignation by boosting your productivity, increasing employee satisfaction, attracting potential candidates, and retaining your top talent.
Business leaders must leverage technology to redefine productivity in the workplace. Instead of resigning, the employees can request flexibility or recrafting of work schedules to align with what they are looking for long-term. Contact us for more information.