THE GREAT RESIGNATION – A NEW TREND & A NEW HR CHALLENGE

Author:

Mr S Y Siddiqui

Chairman, CII Northern Region HR & IR Subcommittee &

Chief Mentor, Maruti Suzuki India Limited

Maruti Suzuki India Limited

THe Kick Off:

The COVID Pandemic changed people to take a hard look at their lives and re-evaluate their careers. It forced

people to see the unpredictability of life and led people to reflect on what really matters to them. Many

realized that what they thought was a priority was not actually. Perceptions around their work life underwent

a big change. The Legacy of the Covid Pandemic proved to be relatively brief. Life is too short to stick to wrong

careers with work life overload. People have realized Work Life Balance is more important. People are now

calling it a Workforce Revolution or a New-Found Respect for Life.

At the same time the Digital Era got accelerated by default leading to a new world of possibilities. The

emergence of Start-Up companies was another important shift with many racing to the Unicorn status &

offering a positive rub off to many Start Ups.

In my thinking THE GREAT RESIGNATION has been a US Specific trend but with a global learning and relevant

for HR & Business Leaders. In India though the Great Resignation trend has been relatively milder and Sector

specific but its been very much felt by Corporates as a concern which may catch up in future. In fact, attritions

in India are being seen even across sectors e.g. from Auto to Tech Companies/Start Ups.

Factors that are driving the Great Resignation:

Post Covid, Economy is opening with Tech Boom & Start Up Cos offering exciting new job openings. The trend

of upskilling too is catching up to better career prospects hence mobility of professionals is higher than

normal. Several people who worked remotely at start of the pandemic have been unwilling to give up their

lifestyle. Since the start of pandemic, long work weeks have become more embedded in business culture. The

boundary between work and personal life has shrunk. As stated above, the Work Life Balance has become

more critical to people post the Covid pandemic.

From Great Resignation To Great Retention ~ The Way Forward

We are now seeing a big shift from The Great-Resignation to The Great-Retention with companies focusing on

doing what it takes to keep talent. Compensation & Benefits are exciting but if a company has to survive the

Great Resignation, it must deep dive into an employee’s mind and see what they really want. To attract and

retain talent, employers will need to demonstrate commitment to their workforce by enabling employees to

pursue and realize their professional & personal aspirations .

What should Companies do?

•  Offer a Positive & Flexible Work Environment, Dignity & Respect to each individual. Also Authentic &
• Compassionate Leadership driven by Ethical Values, high Empathy & Leadership with simplicity &
• Modesty will drive talent retention.
•  Revised Talent Strategy for creating own Talent Pipeline by nurturing & developing the “Right Talent”
• as per business needs rather than depending on ready- made lateral talent.
•  Realigning the work culture with Hybrid workplace model & population mix of workforce including Gig
• manpower.
•  Reinforcing Engagement drivers e.g. Right placement with flexibility of Job Rotation, upskilling
• opportunities for Career development, Open communication, Team work, R&R, Job Role Flexibility etc.
•  Strategic view of future Talent Inventory ~ Capability development linked to career development ~
• Stretch Roles for HIPO select & faster Career growth.
•  Market alignment & Flexibility of Compensation & Benefit Model - New Employment contracts ~
• Making best mix of Talent Types – Regular/ GIG / Contract/ Local/ Global Talent. Also, higher focus on
• PSYCHIC BENEFITS/ PERKS, better Health Policy.
• But the most important pull factors will be Leadership driven by Ethical Values, Compassionate Leadership

with high Empathy, Builder & Groomer of People and Authentic Leadership with simplicity & Modesty.