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From the Great Resignation to the Great Renegotiation: Winning the Talent War with HR Technology

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From the Great Resignation to the Great Renegotiation: Winning the Talent War with HR Technology

There has been much hubbub in recent months about what has been dubbed "The Great Resignation." Roughly 4.4 million Indians have quit their jobs in September of 2021. However, most employees quitting their jobs merely seem to be aiming to get better jobs. While we are living in a bizarre pandemic economy with countless strange trends, this is not necessarily one of them; it is standard to see a swell of workers quitting their jobs for greener pastures when the job market is strong and there are lots of shiny opportunities available. When the stars align as they are aligning now, workers gun for better pay, perks, flexibility, and treatment. Bargaining power has shifted in their favor. Hence the term, The Great Renegotiation.

Key Takeaways -

  1. 2022 started with a rebranding of the term “Great Resignation” to “Great Renegotiation” due to the higher number of open jobs available in the market and the employees’ ability to negotiate from higher ground.
  2. The pandemic has prompted many workers to re-evaluate how they work and what's really important. Many want to keep the jobs they have but do so on their own new terms.
  3. Employees want better pay, flexibility of work, and fulfilment of career.
  4. Working remotely forever changed the workplace. So as people return to the office, many are negotiating a hybrid setup where they work from the office a few days a week and from home on the other.
Amit Sharma

Amit Sharma

Head of People & Culture, Volvo Group
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Dr. C. Jayakumar

Executive Vice President & Head – Corporate Human Resources (CHRO), L&T
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Shaswat Kumar

SVP Customer Success and Delivery, Darwinbox