Instead of the Great Wave of Resignation, we’re now talking about the Great Reset

While we were talking about the Great Resignation, which explains the job change of many employees who have been to make use of other opportunities for many reasons such as higher salaries and broader benefits, also prompting many companies to make major arrangements in order not to lose their employees; the downsizing and layoffs in big technology companies in recent months has pushed the new “Great Reset” proposal into the conversation. The Great Reset or Global Reset, by means is the World Economic Forum’s (WEF) proposal to rebuild the economy in a sustainable way after the Covid-19 pandemic.

The most pressing development in the business world in the past weeks has undoubtedly been the layoffs made by large companies. Popular companies such as Getir, Klarna, Netflix have applied for mass layoffs and significantly stopped their hiring activities. With these news, the Great Reset has come to be associated with meanings such as large-scale layoffs and downsizing in companies. However, the Great Reset is in fact an output of the rapidly changing business ecosystem with the Covid-19 process. The pandemic has caused our needs and demands to change almost completely whilst making us reevaluate our priorities. For instance, we started talking about work-life balance more than we ever have. Gallup’s research done with 13,085 employees shows that work-life balance is second to salary policies for employees’ job change motivation. Especially with the effect of remote working, employees focus more on their skills and what they want. Resignations are increasing due to reasons such as new economic opportunities and a healthier work-life balance. With the effect of the pandemic — the world economy entering an inflationary period and decreasing investments, we are entering a new transformation. Instead of a gradual change that allowed people to change, adapt and evolve over time, these sudden developments brought some challenges for companies.

Marc Benioff, CEO of Salesforce, one of the most popular technology companies of the last 15 years, used the following statements in his speech at the 2022 Davos World Economic Forum: “Capitalism as we have known it is dead. This obsession that we have with maximizing profits for shareholders alone has led to incredible inequality and a planetary emergency.”

The great reset, with these developments, puts people first and companies second in the business world; It is a term that requires workplaces to make changes in their existing orders and policies, such as wages and benefits, work-life balance, flexible working conditions, in order to increase their employee welfare. In a sense, this reset is not just about the big layoff developments that are on the agenda. Whilst everything is falling apart, we can consider it as a development that encourages us to take action to reshape the world and shape the business world in this direction. Business leaders can see this reset not as an ending point, but as a re-creation by anticipating the needs of the future and an achievement made with it.

So what can leaders do to make the Great Reset a win in 2022?

Financial Wellbeing

Financial well-being is a state in which employees can fully meet their financial obligations, feel secure in their financial future, and make choices that allow them to enjoy their lives. It is important to be proactive about wage increases and to follow a policy as transparent as possible about salary increases in order to create an environment of financial trust in your company. Especially in this period where layoffs have increased, keeping your company’s current situation transparent with your employees will help create an environment of trust.

Learning & Development

Empower your employees to push their potential beyond. Supporting them with different training and programs in line with their interests, improvement points or needs, and making sure your budget is supporting these programs, will create space for their growth. At this point, it is also important to support and monitor the use of annual leaves and vacations. It can be helpful to have step-back meetings on a regular basis to discuss these needs transparently. Employees who realize their potential and can use their talents in the most correct way will be more motivated and satisfied within their working environment.

Goals

Make sure your company goals are clear and understandable, and more importantly are guiding your strategies and goals. Today, one of the most important elements that provide internal motivation for employees is to work in workplaces where people can feel that they serve the right purpose in parallel with their goals and life purposes.