The era of the Great Resignation is fast approaching its one-year anniversary, as it was April of last year that an astonishing 4.5 million Americans decided to collectively put in their two-week notices. Even by the summer of last year, many pundits and workforce economists were predicting a new normal outlook for employees. By the end of the year, it was reported that almost 70 million left their jobs in the U.S., and two-thirds of these resignations were initiated by the employees themselves.
In light of this newfound leverage, in what other ways has the pandemic changed the dynamics of our career pursuits? To dig in, here are four ways the pandemic spurred big picture thinking among employees.
Gaining the Upper Hand
It hasn’t been that long ago that employers seemingly held all of the cards in the high stakes poker game of employer-employee relations. At times in the past decade, the job market was exceedingly tight, leaving many to feel thankful just for having a full-time job. Then came the pandemic, which brought lockdowns, remote work, and hybrid collaboration arrangements. Productivity didn’t suffer – in fact, it rose quite notably. And this left employees with an upper hand – the leverage in knowing that their value to the company was all of the sudden a primary concern. And a great deal of U.S. workers began acting upon it, ready to renegotiate their circumstances with employers who were becoming increasingly concerned with departures.
In quick fashion, employees began recognizing their newfound bargaining power. Those who didn’t immediately head for the exits began negotiating for better terms, including salary, benefits, rewards, time off, and hybrid schedules. Employers responded in kind, conceding to terms that would have been unthinkable before the pandemic.
As employees gained the upper hand in determining their future, they put this time of self-reflection to good use. Millions of employees took stock in their situation and circumstances and began an inward search for more fulfillment. For many of these workers, this meant reordering their lives to achieve more happiness. As the Great Resignation rate remained steady throughout the latter half of 2021, it was becoming increasingly clear for many of these employees that it was time to chase their dreams and pursue what really mattered. Which led directly to…
Statistics don’t lie, and the data just released in the International Franchise Association’s 2022 Franchising Economic Outlook report shows some measurable increases for the industry in 2021. The number of franchised businesses rose by nearly 25K (+2.8%), employment rose by 600K (+8.8%), and the GDP generated by franchising rose 16.3%!
These are heady times for the franchising industry, one of the main benefactors of the Great Resignation movement. If you’ve had thoughts of owning a business of your own through franchising, FranNet of DFW and Oklahoma can help guide you through the process. Our assistance is – and always will be – no-cost or no-obligation to you. If you’re ready to explore a life more entrepreneurial, we can help you discover a whole new career path. Each year, we help dozens of North Texans (and Oklahomans!) find franchised businesses that match up with their lifestyle, income, and work-life balance goals.
We’d love to add your name to our client roster, so let us know what your lifestyle and income goals look like for 2022!