In 2021, conversations on The Great Resignation & Reshuffle in Singapore started gaining traction. One of the surveys back then was projecting nearly a quarter (24%) of Singapore workers were planning to leave their current employer in the first half of 2022. Almost half (49%) contemplated submitting their resignation letters in the next six months. What’s causing this and what can we do? How can we provide better support as businesses and where can our teams turn to for advice as clearly internal support is not working. Do we need to help our teams develop better business networking skills that allow them to tap into people with the same issues or are there other external areas we should be considering?
Over the last eight months, through our business network, I have spoken to many corporate executives who have decided to move on with their careers, contributing to The Great Resignation. Two of these routes have surprisingly been:
1:Entrepreneurship: Many corporate executives decide to start on their own
2:Time Out: Individuals who decided to totally exit, taking time out to reconnect with their family, which has been more common than many realise
There was also a significant trend where we saw organisations hiring senior leaders from other industries, hoping a different perspective would rejuvenate their organisation while bringing the magic they have already created.
In 2022, the movement of our senior leaders is not looking to let up anytime soon. This is how the stats are stacking up at the moment.
Based on DHR Global, https://www.dhrglobal.com/insights/q2-2022-board-perspective/
Globally, 72% of senior leaders were thinking about leaving their role in the next two years; that jumps to 80% of senior leaders in Singapore.
At least one-quarter of high-potential people will likely leave before the opportunity they are being developed for becomes available.
What should we be asking ourselves?
1:Are we ready for the continuance of The Great Resignation & Reshuffle in 2022 and beyond?
2: Is this something that will damage or help us move forward?
Many leaders will decide to stay in the organisation they are with, but there will be an influx of business leaders who may have a different point of view towards how things should be, which will create change, and you risk losing more good people.
Employment has changed, expectations of teams are not the same, HR will have to lead very differently from the past, and senior management, if history repeats itself, will struggle to adapt to the pace of change.
2022 is the year of innovation, adapting to this, rebuilding our organisations so that they are stronger, more resilient and able to cope with the coming turmoil will be the difference between success and failure. Other companies will be doing this differently. Learning and engaging with these organisations can remove the indecision around making the right choices.
Mark Twain said, “There is no such thing as an original idea.”
There are a thousand ways to skin a cat (It’s just an old saying, and I do love cats), and innovation as a leader need not necessarily translate into developing a brand new strategy.
Then where do you get these insights?
A safe space to share and learn will be critical for executives. Doing this around the water cooler or over beers will happen, but not so often. Peer-to-peer and business network sharing should be at the heart of learning. Building our networks and trusted advisors will be the difference between success and failure.
So 2022 is halfway through, and change is happening rapidly around us. Take the time to learn from your peers at business networking groups such as EGN.
There is a treasure chest of knowledge out there. Many people are experiencing what you are going through, they want to share and they also need support. To do this well you will need to build up your network, engage consistently in business networking, and start to tap into this resource. Do visit our website to learn more or register now!