There is workplace dynamics shift which happened so fast, navigating such transition is nightmare for many !!
If we quickly move back in time, we can hear everyone discussing about Great Resignation where attrition rates of some companies crossed 25-30% which is insane. It happened roughly around 2021. Employers suffered a lot to retain the talent.
- There is good flow of money in the economy at that time
- Interest rates were low across the globe, means money is available for cheap if you wanna borrow
- Companies started seeing the growth post pandemic & started hiring aggressively by offering lavish packages
If we see or analyze the current situation, employees are facing tough time due to multiple factors.
- Layoffs are happening, many companies no longer feel shy of saying loud about the layoffs
- Some companies are not giving hike for the employees who are working from home
- Some are even threatening that they will resign if the employees are not coming back to office
Why there is a dramatic shift happened ?
- Interest rates jacked up so fast first time in the history.
- World is witnessing wars at every nuke & corner.
- No fresh money is flowing in the company. Liquidity tightening policies are enforced.
- Customer renewals got decreased & they are not allocating money on fresh projects as well.
This is how story got played out from Great Resignations to Forced Resignations very quickly within couple of years.
But this could bottom out very soon. Soon, we will see hiring pickup but not as like we got hired during the Great Resignation Movement but reasonable amount of uptick we can see in the coming 6 months most probably post the US elections once rate cuts are on the table.
