The Tsunami wave of resignations - the impact on businesses & franchising!

18 October 2021 by Simone Pentis

The tsunami wave of resignations, is it approaching? If so, what does it mean for your business and you?

Earlier this year Microsoft published research revealing that over 40% of the global workforce is actively considering leaving their employers.

This wave will be felt in a number of countries as we move forward following Covid and the lifting of lockdowns. This is anticipated to be felt in Australia early next year.

Some of these resignations are likely to be people who due to Covid have effectively felt locked in to stay with their employment, with fears of not being able to find a better job or even a job if they left, or the ability to invest in (or risk) setting up or buying a business that replaces their job.

Others have possibly reviewed their life and readjusted what’s important to them or are unwilling to go back to the old ways of doing work if their employer does not also adjust.

Then there are those who have learnt a job does not always mean security and now it’s time to go into business themselves as the world moves forward, especially given the new ways of doing business now.

Franchising in particular may benefit, with the tougher laws protecting franchisees coming into play over the last few months, giving more comfort to those previously wary.

The last two years have arguably significantly and forever changed value perceptions and the ways we work and allow others around us to work.

This wave is a risk for some business if they do not listen to and relook at their value proposition to employees. Keep in mind not every employee is wanting the same thing.

So how do you know? You look around at the researching that others are doing and importantly SPEAK and LISTEN to your employees.

If you are going to adjust then ensure your actions are consistent and it works for the business and your employees. Your values should be clearly spelt out and promoted. Adjustments in your technology, security, confidentiality, policies, documents and ways of operating may need to be considered. There are a lot of business risks that are coming out of some of these changes, which could be your sleeping giant.

For franchising (who still need to consider the above points for those with employees) it’s also an opportunity (for those who’ve done the updates to ensure they are aware of and meetings their obligations) to promote out their opportunities and their support for those who want a change but still want to be apart of something known and/or supported so they are not going it alone.

It’s definitely not a time now to sit back. The wave is coming and you want to ride it smoothly and not get dumped.

If you want to discuss not only how to protect your business and you, but maximise your opportunities, or just give yourself the best chance to sell, purchase or set up your business, get in contact NOW for access to our free business resources and/or book a no obligation free initial Discovery Call