The rise of the “antiwork” movement witnessed globally, particularly in the United States and Europe, is becoming increasingly significant in the changing work landscape. This phenomenon is dubbed as the “Great Resignation,” seen in the elevated numbers of workers resigning from their jobs recently. In August 2021 alone, a whopping 4.3 million individuals quit their jobs, indicating a month-on-month increase of 242,000 from July, as per data from the US Bureau of Labor Statistics (BLS). It appears that surviving the pandemic lockdowns has triggered an extensive reshaping of the work-life balance people once knew.
Impact of Covid-19 on Work Decisions
Coronavirus significantly changed the employment landscape worldwide. Workers, predominantly from the retail and hospitality sectors, have opted out of their professions, deciding to explore other avenues or reassess their career goals. Notably, Central and Eastern Europe saw a decline in the skilled labor force. This drop might be attributable to more robust social safety networks, allowing individuals to consider the viability of a “work-free” lifestyle which the survival through pandemic lockdowns seemed to suggest.
Significance of the Great Resignation
The Great Resignation is sparked by numerous factors. Many workers cited reasons such as meager salaries, unfeasible deadlines, and challenging relationships with superiors. The decision to resign often surfaces when these persistent issues reach a boiling point. Interestingly, it indicates that these employees perceive themselves as having value on the job market outside of their present employment. They leverage their skills, experiences, and connections to secure superior job prospects or make the transition to start-ups. Yet, this mass exodus of employees can create apprehension about whether organizations have sufficiently invested in fostering talent and building capacity.
The Scene in India
In contrast to the global wave of resignation, India presents a different picture. With the absence of social security and unemployment benefits, the option to quit one’s job is not easily attainable for the majority of the Indian population. However, the advent of remote working during the pandemic has introduced some degree of flexibility in work models for both companies and their employees.
This shift has even led to job opportunities becoming available in tier II and tier III cities, indicating a fundamental change in India’s spatial economy. The effects of this are also evident in the market’s demand structure. Particularly, the IT and ITeS sectors are witnessing a reshuffling of jobs. Moreover, the emergence of several start-ups, evolving into unicorns offering competitive pay, is attracting a wealth of applicants ready for a change. In effect, while India may not be experiencing a “Great Resignation” equivalent to Western countries, there is undoubtedly a significant transition underway within its employment landscape.