Witness the seismic shift in the global workforce as the Great Resignation fuels an unprecedented Entrepreneurship Boom. Explore the intricate dynamics of this phenomenon, its causes, and its far-reaching implications for the future of work and business.
The recent Covid-19 pandemic has brought such dynamic changes to the job market that many had to leave their jobs without getting salaries for months
Many were laid off, many were given late salaries, and companies in the developing world were hit worst
- In the meantime, a new trend emerged where millions resigned from their jobs and came down on companies to put their efforts in some different direction.
Final remarks
Entrepreneurship and start-up boom is everywhere
The Great Resignation
After the COVID-19 pandemic, there has been a surge in resignations from reputed companies
- This has opened new holes and gaps to be filled by entrepreneurs
- The enormous potential for democratizing entrepreneurship and creating new entrepreneurial role models will also impact the business landscape
- Entrepreneurial entitlement can lead a huge working population into start-ups
Great Resignation and Future of Entrepreneurship
If there are more jobs, entrepreneurship won’t boom as everybody gets a job, so nobody tries new ideas
- People in the developing world start necessity-based businesses, and people in developed countries do start-ups which are opportunity based
- Researchers at Peterson Institute for International Economics show that America started 4.4 million new businesses in 2020, a record
- This is all because people are leaving the traditional 9-5 jobs to create their own ventures
Covid-19 and the creative economy trend
Burnout and decreased job satisfaction have significantly impacted the future of returning to jobs. People who worked from home for months and became habitual are not happy about returning to the office.
- Employees who remained and were not laid off were working with low salaries and high burnout due to layoffs.
What is up with youngsters of India
India has recently become the third most significant entrepreneurship ecosystem for start-ups globally
- 65,000 start-up have been recognized by government authorities
- The ease of doing business has been improved
- Niche entrepreneurship is more successful in countries with regional diversity
What causes The Great Resignation?
Toxic work culture in companies is a leading cause of the great resignation
- 40 per cent of the working population were already thinking of leaving their jobs before the pandemic hit
- Other reasons include lack of job security, high levels of innovation, failure to recognize employees, and poor response to COVID
Stop the Great Resignation
Companies must promote a healthy work culture
- Include activities, excursions, and happy hours to positively impact the mindset of employees and encourage bonding between colleagues
- Recognize employee contributions and allow them to grow equitably in the firm
