The pandemic has already affected workflows and forced companies to re-evaluate their business processes, but labor and workplace experts predict even more impact from “The Great Resignation.”
According to Pew Research Center, 2.4 million women and 1.8 million men left the labor force between February 2020 and February 2021. This substantial spike in resignation and turnover rates has been coined “The Great Resignation.” Experts predict that these rates will continue to rise, with tech and healthcare industries being hit the hardest.
Data also shows that almost all age groups have experienced increased resignations between August 2019 and August 2020, with mid-career, established workers showing the most shift.
Why are so many established employees leaving their jobs?
The pandemic has enhanced employee’s needs for flexibility, benefits, and measuring productivity based on outcomes rather than output. According to Citrix research, 88% of knowledge workers want complete flexibility around their hours and location of work, and companies that don’t provide this flexibility see higher turnover rates.
As for benefits, employees have an increased need to understand and reap the benefits that their workplace offers like offering a remote work or hybrid schedule, additional paid time off, and paid parental leave.
Employees are also demanding changes in how their success is measured. 86% of the workforce say they want to work for a company that prioritizes outcomes over output, but 70% of organizations don’t measure success in this way.
How to react and support your IT services
Ensuring that your Cloud, PeopleSoft, and Treasury investments mitigate the effects of the Great Resignation is essential. For example, addressing employees’ need for flexibility means maintaining a workflow that can effectively respond to fluctuations. Employees want the flexibility of working remotely, hybrid, or in-office, and your IT should allow for all of these options.
Understanding the capabilities of your IT investments is also key in reacting to the Great Resignation. Utilizing capabilities of your applications that can take redundant tasks off the plates of your employees can give them greater flexibility and an ability to contribute to outcomes rather than output.
Besides addressing employee needs with your IT services, it is important to consider other implications that the Great Resignation brings. For example, system maintenance and security issues may arise with the large number of employees leaving your workforce. Having IT support that can quickly respond and fix these problems will mitigate the potentially harmful impact and allow processes to continue smoothly.
What is a Managed Services Provider?
The changes in workflow mean changes for your business processes, which can be daunting. Integrating a Managed Services Provider gives you a safety net of support to adjust to the impact of these changes, providing day-to-day support, and ensuring the best practices are in place for your applications.
A Managed Services Provider manages your IT infrastructure and end-to-end application in order to improve operations and decrease costs. Managed Services Providers assist your applications to meet their full potential, addressing maintenance needs with 24/7 support.
Elire’s team of experts can help you stay current with technology and business changes, providing insight and support for new updates to your IT investments. Our experts can help you stay up to date on new PUM image application enhancements, evaluating Cloud release readiness, building new or enhanced reports, and more. With the support of Elire’s Managed Services, you can ensure your application development including interfaces, workflows enhancements, and reports are utilizing best practices, and maintain smooth and consistent operation with a changing workforce.
To learn more about how Elire’s Managed Services can support and act as a safety net to your applications, visit the Managed Services page.