New Delhi: The COVID pandemic has impacted all public and private sector firms worldwide starting from top corporate to IT (Information Technology) companies including various smaller companies.
There have been a huge number of people across the world resigning from their jobs in the previous year for different reasons which resulted in a great resignation wave.
And this trend of rising resignations from last year across the globe mainly in the United States has been regarded as the 'Great Resignation.'
Various research works suggest that the COVID pandemic is the -biggest reason for higher attrition rates, not just in the West region but also in India.
Employees in different companies suffered from a mental and emotional breakdown and had to confront exhaustion due to the higher attrition rates newly introduced by company owners.
Between the month of April and September last year more than 24 million employees in the United States resigned from their job according to an MIT Sloan study.
Studies also indicate that 20% of people from the US workforce continue to search for better job opportunities that could meet their needs and provide flexible working time along with fresh challenges.
It was found that the resignations of jobs were much higher among the low-wage employees when compared with people with high income.
The most affected sectors according to the trends are education, healthcare, business, transportation, hospitality, warehousing, and transportation. All these sectors have lost their employees to a large extent throughout 2021 and also experiencing the same situation in the current year.
In the case of India, the IT companies saw a record attrition rate last year as more workers quit their jobs in search of better job security. The attrition rate in the previous year resulted in overdrive among Indian IT companies in the present year.
The situation in India is not that bad as compared to the United States but according to some of the studies, it may gradually increase with time.
Amazon conducted a survey in September last year in which it was found that over 50% of job seekers in India are searching for job opportunities in companies where they have no experience or very little experience.
One more reason that surged the resignation trend is the desire among employees to move for more stable and secured jobs.
The increasing number of resignations in the world became a significant concern for the economy and for major corporate and therefore most of the firms have begun to offer bigger and better advantages to new employees.