Atlanta, GA – In May of 2021, Anthony Klotz, psychologist and professor of Texas A&M University coined the term ‘The Great Resignation,’ which refers to the recent phenomenon describing record numbers of workers who are re-evaluating their careers and leaving their jobs amidst the COVID-19 pandemic. In light of economic instability, many people have adopted a more independent and entrepreneurial mindset, showing interest in starting their own small businesses or selling services online. The past two years of the global pandemic have been volatile in terms of the employment sector, but at the same time, many online entrepreneurial ventures have seen promising success.
“For businesses today, the standards for attracting and keeping talent have shifted,” says Deepak ‘Dee’ Agarwal, an accomplished entrepreneur with more than 20 years of experience leading multinational eCommerce businesses, including popular online retailer NoMoreRack.com. According to Dee Agarwal, “the ability to take a concept and operationalize it into a sustainable, profitable business with the right team in place requires exceptional attention to employee experience, and this is particularly important in today’s business environment. For 2022 and beyond, attentiveness, flexibility, and resilience will be the biggest combatants of uncertainty.”
The COVID-19 pandemic has impacted the job market, creating uncertainty and many people worldwide have been faced with unemployment as industries struggle to bounce back and maintain equilibrium. The unsteady state of the economy forced many people out of their jobs, but in recent months, we have seen a flux of workers willingly resigning from their jobs. In fact, In August of 2021, 4.3 million Americans elected to leave their positions.
The resignation rates are highest among mid-career employees according to a study cited by Harvard Business Review. Now that employees have had the opportunity to work from home, people have been prompted to rethink their personal meaning of work-life balance, and many have experienced epiphanies regarding their career choices and employer satisfaction.
Newly emerging entrepreneurs who are finding success during these unprecedented times will likely be more than equipped to handle the challenges that startups are faced with. “Managing uncertainty is the first step as an early-stage entrepreneur — you must cultivate the ability to thrive in ambiguity,” says Dee Agarwal.
Companies have also been forced to consider how they can retain talent, as many people have spent the past year and a half developing and up-leveling their skillsets throughout the pandemic, resulting in them leaving their jobs in search of more rewarding opportunities to reshape their careers. Entrepreneurship gives them that freedom and flexibility. “Encouraging an enterprising spirit within your team is an important and unique quality of an impactful leader. However, if you wish to retain talent within your organization, you must provide incentive and cultivate the team’s talents in ways that go beyond serving the company,” says Dee Agarwal. “You must demonstrate that you are invested in the individual members of your team.”