There is always a mismatch between what organizations want from employees and what employees expect from the organizations. The gap between expectations was further widened with the outbreak of COVID-19. The ramifications are reflected in the mass exodus of employees from work, the ‘Great Resignation.’ This article provides critical insights into the factors that led to the Great Resignation and its implications for global talent management.
- Organizations need to alter their talent management strategies to meet the changing requirements of the dynamic and hybrid workforce.
- The employees seek better job opportunities, attractive compensation packages, and new work challenges.
- Global talent management must inform talented employees about the organization’s expectations and consider their input by discussing future corporate strategies.
- Global talent management must focus on employees’ intrinsic motivation, comprehending their changing requirements and expectations, and offering them prospects to unleash their unique capabilities.
The emergence of COVID-19 has augmented the turnover of talented personnel, which has led to severe knowledge loss in the world’s economies. This phenomenon has been labeled the ‘Great Resignation,’ leading to significant business talent shortages (Roop, 2022). The ‘Great Resignation’ has continued and accelerated globally since 2021 and shows no signs of easing (Hirsch, 2021). However, the United States recently experienced unparalleled resignations of employees who perhaps left the workforce or switched jobs in large numbers (Lazonick et al., 2021; Trnka et al., 2021). One in five worldwide workers wants to leave their jobs in 2022, suggesting that the transformation in the workplace is progressing quickly (Crowley, 2022). In 2020, 81 million jobs were lost due to a pandemic in just the Asia-Pacific region, and those who were fortunate enough to keep their positions were forced to stay in them to survive (Ellerbeck, 2022; ILO, 2020). However, talented personnel, being an asset to organizations and knowing their worth, are not merely motivated by job stability or a paycheck. Eventually, they find a better prospectus per their specifications and contribute to organizational growth.