Time and purpose: the new currencies of the post-pandemic workplace

Ester Banque (pictured), senior vice president and head of intercontinental commercial at Bristol Myers Squibb (NYSE: BMY), provides an Expert View on coping with 'The Great Resignation'.

The COVID-19 pandemic has affected us in more ways than we could have ever imagined – and as we slowly emerge from the isolation and return to our respective workplaces, many industries are faced with a serious dilemma, coined by Anthony Klotz, organizational psychologist, as “The Great Resignation.” A recent Microsoft global survey showed that up to 41% of workers plan to leave their jobs and/or look for a new job this year. Unlike what we have seen happen in manufacturing and finance, the number of advertised vacancies across the pharma and tech sectors is currently even higher than most other industries, according to Harvard Business Review. Additionally, while work frustrations and dissatisfaction certainly existed prior to COVID, the pandemic took these feelings from a lingering attitude to an actual opportunity - from an intention to a resolved action with a clear impact on talent retention levels.

We are progressively experiencing what looks like a shift in the corporate power structure. For a while, companies have been focusing on attracting talent to their organizations, assuming there were plenty of candidates available, to replace existing ones. In several industries, low attrition rates created some complacency and a sense of being in the driver’s seat. Although details look different for every organization, the perceived balance of power is changing, given the current exodus of talent most companies are experiencing. Beyond attraction, the focus must now be on retention – workers can leave and easily find positions in other companies that promise better jobs, better cultures, better opportunities. The reality now is that it’s hard to find new talent, and much harder to keep it. The power is shifting to the “people.”