Great Resignation is a term that is used to describe a workforce trend in which employees have resigned voluntarily from their jobs. This started during the pandemic where careers were being reviewed and there was an outcry for a “work-balance” lifestyle. The trend is not showing any signs of slowing down. According to a recent Financial Post report, in 2021, 18% worldwide and 15% in Canada quit their jobs, however, an even larger number of the workforce is considering leaving their jobs in 2022. Another study posted at Harvard Business Review shows that the resignation rates are highest among mid-career employees and those in the high technology and healthcare industries.
Impact on firms of all sizes
People are quitting their jobs for a variety of reasons all the time. What’s different about this resignation wave is that as the turmoil of the pandemic took a heavy toll on everyone, many people are beginning to reevaluate work-life balance and look for more meaningful and purpose-driven careers.
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Employees have a new “worth it” equation. According to Microsoft’s Work Trend Index 2022, 53% of employees are more likely to prioritize health and wellbeing over work than before the pandemic.
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Employees prefer flexible work. As constraints around the pandemic are gradually removed, businesses that are trying to put a mandate on return-to-office may see employees leaving due to a lack of flexibility.
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Employees are looking for more supportive and inclusive workplace culture. Without a healthy work environment, employee isolation and disconnection will continue to grow, regardless of whether people are back in the office, and this will lead to high burnout and turnover rate.
Corporate Risk
Employees are the vital lifeblood of every business. As a result, a business that is experiencing a high turnover rate will very likely see low productivity and morale.
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Cost: Employee engagement firm Sparkbay broke down the employee replacement costs by job level:
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Entry-level – 30% – 40% of annual salary
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Mid-level – 150% of annual salary
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Highly skilled – up to 400% of annual salary
In the IT/tech sector, which sees an extreme increase in demand due to the pandemic, organizations need to offer even more competitive pay and effort to hire and keep talents.
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Security: Employee turnover is not just an HR issue. When an employee who has access to your sensitive data quits and takes the confidential data with them, the consequences can be devastating to your business. High employee turnover poses an increased cybersecurity risk.
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Loss of knowledge: When employees leave, all the knowledge that sits in their heads goes with them. Even if you have all the processes and procedures documented, it is still very difficult for someone else to search for the right information; not to mention the knowledge that is gained through experience and practice and is hard to communicate and document (often known as “tacit knowledge”).
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Lack of resources: With so many people quitting, those who stay will be stretched even thinner. When a team member leaves, their job will be carried over by someone else in the team until a replacement is found; your recruitment team needs to fill open roles, and your IT team will be busy with off-boarding and onboarding.
Consider MSPs and MSSPs to fill the gap
While the lack of IT skilled professionals becomes a major challenge for small to medium-sized businesses, it is no surprise that many are turning to Managed Service providers (MSP) and/or Managed Security Service Providers (MSSP) o address this issue and provide cost-effective solutions while also keeping the security aspect in mind.
1. Gain access to a wide talent pool
During a time when finding qualified talent has become increasingly difficult, working with a trusted MSP is probably the best solution to make sure you don’t experience business disruption due to a sudden lack of resources. This is especially true if you are looking for highly specialized talent with skills specific to the roles you need to fill. Partnering with an MSP also means you can scale up or down as necessary to meet fluctuating business requirements.
2. Documentation and continuity knowledge of your operations
A reliable MSP will implement Standard Operating Procedures (SOP’s) and will document your environment and changes to help your business retain critical information. When you have built a long-term business relationship with your MSP, they become an extension of your IT team to provide consistent and efficient support, so your internal IT team can focus on more strategic business initiatives.
3. Protect your business with Managed Security Service Providers (MSSP)
Today's sophisticated threat environment and a global shortage of cybersecurity professionals are the two driving forces for businesses to work with MSSP. With increased data distribution across the network, it is beyond the capabilities of many organizations to properly secure it. Multiple products from multiple vendors may be required to secure an attack surface, including on-premises, cloud, mobility, and IoT environments. Many organizations simply can’t afford the additional controls required to secure this new attack surface, and those that can quickly realize they lack the in-house staff and skillsets to properly manage them. An IDC research shows that more than 1 in 10 Canadian organizations will adopt managed security services in the next 24 months, while an additional 10% will be adding more services with their current provider.
The pandemic has permanently changed the business world. As employees are re-evaluating their well-being and work-life balance; businesses that can provide a flexible work environment, supporting and inclusive culture will be able to keep talents and create sustainable work. Working with a trusted Managed Services Provider will help your business keep up with the high demand for IT skills and provide you with Peace of mind knowing your IT environment is secure and supported 24x7.
Blair Technology Solutions is at the forefront of this security-first digital transformation movement. Our award-winning Managed Service offerings can help you build a proactive IT strategy. Contact us to schedule a discovery call!
