We all know that the COVID-19 pandemic changed our lives in myriad ways. But now that we are truly beginning to adjust to the new post-pandemic normal, many workers are realizing that not every pandemic-related change was bad.
In fact, many have realized that their work lives before the outbreak simply weren’t working for them. And they’ve also realized that, yes, it can be possible to reimagine and reinvent how you earn your living. Thus, the “Great Resignation” era was born, presenting powerful new opportunities to leverage this unique moment in history to help build the work life of their dreams. But what can workers do to make the most of the “Great Resignation”?
What is “The Great Resignation” and Why Does It Matter?
Economists, business owners, and workers alike have been noticing the drastic surge in employee turnover in the previous year and, for a time, many were apt to attribute the phenomenon to COVID. But now that the world is beginning to emerge from the shadow of the pandemic, Americans continue to leave their jobs at a record pace.
Some leave to seek new and better opportunities elsewhere, no longer willing to sacrifice great benefits or a satisfying work-life balance for the sake of job security. Others want to take the leap into business ownership for themselves. Whatever the individual reason, the net result is the same: Employers are desperate to keep the workers they have and to recruit new talent to fill the ever-widening labor gap. That means that, as a worker, now more than ever, the ball is in your court.
Harness the Power of Competition
Competition can be great for business, spurring innovation and compelling companies to be the best they can be. But in today’s extremely tight labor market, competition can also be highly beneficial for workers.
In fact, if you want to turn the Resignation economy to your advantage as an employee, then one of the best things you can do is to understand your present or prospective employer’s competition and how your talents must be put to use with them. This insight can serve as a powerful bargaining chip in an environment in which talent is formidably difficult to recruit and retain.
So understand exactly what your skills set is and how it can benefit your prospective or current employer — or their rival! By ensuring that your employer knows what value you bring, and by demonstrating that you understand your value to them as well, you not only make it nearly impossible for them to exploit you and your labors, but you also increase the likelihood that you’ll succeed in negotiating the perks and benefits you want!
Consider Joining the Bandwagon
Let’s face it: It’s a jobseeker’s market out there. And if you truly want to make the most of this moment in time, then you should be willing to walk away when a job doesn’t serve you.
For instance, if you’ve been negotiating a pay raise and you recognize that an employer simply isn’t willing to compensate you fairly for the value you bring to the company, then now may be the best moment to cut ties and go elsewhere.
But of course, such a step isn’t without risk, even during the Great Resignation, so it’s important to do your homework and get prepared before jumping on the quitting bandwagon. Whether or not you have another gig already lined up, you need to make sure that your financial house is in order before resigning or changing jobs.
At the very least, you’ll want to adjust your budget and increase your savings for the near term. And if you have health benefits or other perks, go ahead and use them up before leaving. This will help ensure you’re well-positioned for the transition into the new job or that you have a cozy nest egg if you’re job hunting or starting your own business.
This blog is printed with permission.
About the Author: Dan Matthews is a writer, content consultant, and conservationist. While Dan writes on a variety of topics, he loves to focus on the topics that look inward on mankind that help to make the surrounding world a better place to reside. When Dan isn’t working on new content, you can find him with a coffee cup in one hand and searching for new music in the other.