Talk on the Street
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A phenomenon emerging out of the Covid-19 Pandemic, The Great Resignation is leading to great things for the franchising industry. What is it and why is it good for franchising?
What is The Great Resignation?
The Great Resignation is an economic trend, predominantly in the United States, but also taking effect around the world, where a increased number of employees have resigned from their employment positions.
The phrase The Great Resignation was first coined by Professor Anthony Klotz from Mays Business School at Texas A&M University. Professor Klotz predicted the mass resignation within the employment industry in May 2021.
Covid-19 and The Great Resignation
During March and April 2020, the beginning of the Pandemic, a record number of people lost their jobs. March saw 13 million and April saw 9.3 million employees find themselves without a job.
While this was no surprise to economists, due to the chaos that Covid-19 has created within communities at every level across the globe, the rate of people who chose to voluntarily give up their jobs in the months throughout 2020 and 2021 was a surprise to most.
Despite high unemployment and labor shortages due to Covid, the number of employees choosing to resign continues to climb. Economists believe this was initially due to the American Government’s lack of protection for workers during the Pandemic. Now, as we are becoming familiar with the new norm of life with Covid-19, it is Millennials and Gen Z who are pushing The Great Resignation forward.
30 to 45 Age Group the Highest Resignation Rate
Employees aged between 30 and 45 are the highest group leading The Great Resignation. Described as mid-career employees, this demographic are leaving their jobs for several reasons, including worker dissatisfaction, discovering a new way of working, compromised health and a choice to take control of career and personal life.
Franchising an Attractive Option
For many, it is not so much about simply being dissatisfied. In fact, it has a lot to do with taking control of career and personal life. According to Professor Klotz, he believes many in this age bracket are looking at their resignation as a moment of empowerment. Klotz reminds us that Covid-19 has got many of us re-examining our work-life relationships.
According to franchise expert Derek Cafferata, President and CEO of All State Franchise Finders, many within this demographic are turning to franchising.
“While some resignations during these times are for health, early retirement or extended vacations, many are seeing franchising as offering a sense of control,” says Derek Cafferata. “And control over employment is what the vast majority of employees across the country have felt they have lost.”
Since the beginning of the Pandemic, the number of self-employed rose by 500,000 across the country. Franchising offers greater opportunity, more flexibility, a higher sense of job security with less risk.
Experts believe that The Great Resignation is more like a reshuffling of work environment. Skilled workers are simply taking opportunities that models like franchising can offer in a time of relative unknown.
Derek believes more and more people will continue to look to franchising to meet their career and personal goals. “Franchising is a great way to take control of your career,” says Derek. “Which explains why we are seeing an ever-increasing number of people looking at a range of franchise opportunities across a wide variety of industries.”
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