The Great Resignation or the Great Quit or the Great Reshuffle started in early 2021 and continues today. It is an unusual economic trend where people are resigning from their jobs voluntarily and in large numbers. The Microsoft's 2021 Work Trend Index estimated that 41% of people would consider leaving their jobs in the next year. In February 2022, the trend was still continuing with over 4 million Americans quitting their jobs every month for the previous six months. Some organisations found that it was not just individual people leaving. In some cases, whole teams or departments left. The Great Resignation is not just happening in America, the same trends for resignations have occurred in France, Australia and the UK. And it is still happening today.
Why is the Great Resignation Happening?
It is interesting to see that it started early in 2021, a year into the COVID-19 pandemic.
- People were re-evaluating their lives. This was seen in many ways, for example, there was a massive growth in people purchasing plants, flowers and gardening equipment as people began to reconnect with nature.
- Some people were working for home and began to realise that there were other options to working in an office 9 – 5 Monday to Friday.
- Some people lost their jobs or were placed on long time furloughs. This gave many the opportunity to take up new hobbies, set up new businesses and try new things that they may never have done before.
However, research by the Pew Research Centre suggested that the three most common reason for quitting were –
- Low pay
- No opportunities for advancement
- Feeling disrespected at work
Keeping Staff - Succession Planning
Succession planning is a useful and effective way of keeping staff. It can be beneficial to employees and employers.
Succession planning is a process where an organisation will identify and develop future leaders, managers and important staff to fill important roles in a business. The aim is to ensure that there is another member of staff available, trained and ready, to take on the role when someone leaves. Succession planning therefore involves ensuring that staff are trained in the right skills and knowledge ready for them to take on new job roles as needed.
How does Succession Planning prevent the Great Resignation?
People are leaving because of low pay, yes, but they are also leaving because they have no opportunities for advancement and feel disrespected at work. Succession planning helps to prevent this.
By offering staff the change to have more training in preparation for career advancement, for taking on new roles, it shows that the organisation respects them and is investing in them for the future. This benefits the organisation and the employee –
The organisation -
- Does not have to rush around trying to find new staff when someone leaves.
- They have trained staff ready and skilful to take on the position.
- As people then move up the organisation as someone leaves, it means that they are then trying to recruit entry level staff rather than more senior staff.
The Employee –
- They are receiving training for a future role.
- These skills are most likely transferable, which means that they can stay within the organisation or use those skills to get another job or career if they want to.
- The organisation is investing in them and showing that they want them to stay.
Succession training is therefore helpful in preventing the Great Resignation by showing staff that organisations care about them, want to invest in them and train them for better futures.
The Great Resignation, Succession Training and the Education Industry
The Great Resignation and the growth of Succession Training has led organisations to reconsider how they obtain, retain and train their staff.
The education industry can be very useful in helping organisations to train and retain their staff. This comes at a time when many governments are cutting funding in education. For example, in the UK, the Institute for Fiscal Studies reported a 14% cut in spending at colleges, per student, and 49% cuts per student in adult education. In Australia, university funding has been cut by 10% and TAFE funding by 24%.
So -
- At a time when - Employees are walking out of business because they do see changes of advancement and feel disrespected.
- At a time when - Organisations need to be able to offer their employees more training to ensure that their businesses continue to thrive and develop.
Governments decide to cut funding on education!
This has led to a great opportunity for other education providers.
COVID-19 and changes in education technology have meant that the distance learning sector has grown massively at the same time, with an estimated market of US $50 – 250 billion by 2026. This means that there are massive opportunities for distance learning providers to meet the growing demands of the market for succession training and general training in businesses and organisations.
Succession training involves investing in their staff. This investment can be in the form of pay rises and increased wages, but it can also involve staff training and development.
As we have just seen many governments are reducing funding in education. Check out our blog on this for more information - Changes in Education Funding - Oppurtunity Rather than a Threat ?
Traditional education often takes longer to change, longer to meet the demands of rapid changes in technology, research and development.
Online courses or Distance learning offers opportunities for businesses to train their staff in more diverse and up to date areas. This ensures that their staff are well-trained, up to date and respected.
How can distance learning help businesses and organisations who want to start or improve their succession training?
There are simple basic ways where distance learning can help train staff –
- Distance learning (online) courses can often be studied at any time and any place. This can be at home, at work and so on. This can fit in around the person’s work and personal life.
- Distance learning (online) course providers can often change more rapidly than traditional education providers, which means that the information that staff are receiving is up to date.
- Distance learning providers can often develop courses more quickly and to meet consumer demand. This means that they offer the courses that organisations and staff require more quickly.
How does that benefit you?
If you would like to start your own business in this growth industry – meeting the demands of new students, businesses and working in education – then ACS Distance Education can help.
- We were established in 1979 starting with just one course.
- 43 years later, we have over 700 online courses in a wide range of industries and topics, from the niche to the commercial.
- We have developed new technologies and methods of offering education that we can share with you.
- We know what works in distance education and online training!
- Help businesses who are struggling with the Great Resignation!
- Help businesses who want to purchase Succession Training for their Staff!
- Help to educate people in this rapidly changing world!
- Help yourself by starting a great new business in a growth industry.
Contact us to find out more on how you can start offering training to businesses and individuals.