The Great Re-Evaluation: Don't Quit
Times of uncertainty tend to bring out the philosophers in us all. We wonder about the meaning of life, question our decisions, and focus on what really matters to us. During such a lengthy period of social isolation and upside-down working conditions, it’s no surprise that people have had plenty of time to think about their next steps.
This self-reflection has led to a movement experts have dubbed the Great Resignation. Others are calling it the Great Re-Evaluation. Either way, the ongoing mass exodus from the workplace is a global wake-up call for millions of employees and companies alike as they rethink their life, their work, and their priorities.
Regardless of the amount of re-evaluating going on, very few people can ditch the working world altogether. That’s why consulting is getting a major boost that’s likely to stay long after the current job switch song-and-dance is over.
The Workforce Is Changing
In April 2021, a record 3.99 million people quit their jobs, signaling the start of the Great Resignation. June and July saw similar (yet slightly lower) quit rates, while August peaked with 4.27 million employees walking out on their employers.
What’s Driving the Great Resignation?
Workers are quitting at a rate unlike anything seen before. Part of the reason has to do with changes in the work landscape itself as a direct result of the pandemic, but there are many other factors at play as well. An MIT study found that the top five factors driving the Great Resignation are:
Toxic corporate culture
Job insecurity and reorganization
High levels of innovation
Failure to recognize employee performance
Poor response to COVID-19
The general misconception is that the Great Resignation impacts blue-collar workers more than white-collar ones, but the reality is somewhat different. The same MIT study found that, among the top 5 industries impacted by the Great Resignation, three of the five are firmly in the white collar camp.
Business professionals make up a big part of the Great Resignation, citing a lack of work-life balance, unfulfilling work, or a desire to find work with more flexibility. Employers are in a critical time now as more companies are calling reluctant workers back to the office. If workers don’t see a reason or value in returning to the office, the Great Resignation is likely to continue.
Workers looking for opportunities that allow them to work remotely need look no further than Prime 8. Our consulting firm has always heavily supported remote workers. In fact, 100 percent of our consultants are working remotely already.
How the Great Resignation Impacts Women and Men
Women are disproportionately affected by the trend. They’re quitting at a faster rate compared to men, citing burnout, a desire for higher pay, and child or elder care responsibilities. The lion’s share of family care tends to fall on women’s shoulders, despite more than half of all households earning a dual income. Women are the ones taking a step back out of the professional spotlight to tend to their families’ needs.
A recent Qualtrics survey found that 63% of women said they will likely stay with their job, but that number has dropped from the previous year, when 71% stated they were likely to stay put. For male respondents in the Qualtrics survey, 67% said they will likely stay with their job, down from 71% in the prior year.
What’s more, 35% of women have reported already leaving their jobs, compared to just 30% of men. The majority of women are doing so voluntarily.
A McKinsey Women in the Workplace report shows that the average woman spends at least 20 hours a week on household work and caregiving. Even before the pandemic, working women and men were not on a level playing field. Gender pay gaps and fewer advancement opportunities for women abounded, and now many women are reevaluating their work choices in earnest.
While quitting is certainly an option for both women and men, there’s another choice that more people are exploring to maintain a satisfactory income while enjoying work-life flexibility. Consulting is an equal opportunity career choice, in which skills are the determining factor rather than gender—making it a natural choice for any skilled professional looking for more freedom and better control over their schedule.
How Consulting Fits Into the New Normal
Consulting allows professionals to share their experience, skills and wisdom with companies, usually on a temporary or project-by-project basis. They may be called in to solve specific problems, such as a change management issue during a merger or acquisition. Or they may own the rollout of a new program or strategy.
Consulting is a perfect fit for the “new normal” of corporate models. As companies have begun to grasp the benefits of a more distributed workforce and hybrid work models, consultants are reaping the benefits of a new corporate acceptance of working when, where, and how consultants may choose. That means consultants don’t have to work long hours, crazy schedules, or fly from place to place all the time to do the jobs they love.
Consulting from an Organizational Perspective
A tight job market challenges growth-oriented companies that depend on people with deep expertise and industry knowledge to build new products, get to market quickly or quickly redesign programs to work in a remote environment. More and more, companies are turning to consultants to fill the resource availability gap. .
The tech boom is also spurring an increased need for consultants. As more companies fully invest in remote or hybrid work environments, they need management consultants to help them develop systems, processes, and best practices for making remote work a success. They also require consultants to help them create an online ecosystem that’s secure, efficient, and accessible at the right times to the right people.
Companies turn to consultant experts as a “shortcut” to success. Consultants with deep industry knowledge can help them cut the fluff and get straight to business without reinventing the wheel or making common (and costly) mistakes. For instance, as more companies are investing in new tools and technologies to support remote work operations, they are likely to turn to a management consultant to optimize their processes or deliver new workflows. Similarly, as companies realize the value of their data, they may turn to consultants to centralize and operationalize their data for improved decision-making.
Consulting from the Consultant’s Perspective
The benefits of consulting aren’t just for employers. Making the switch from traditional employment to consulting addresses many of the reasons professionals might quit their job and leave the workforce. For example, there is tremendous flexibility built into many types of consulting that allows these professionals to do the work they love while having more control over work-life balance than a traditional job might allow.
Consulting also helps some professionals overcome stagnation. If they have run out of rungs on the corporate ladder, they can continue adding value, implementing their ideas, and sharing their expertise with new audiences that truly appreciate their work.
There’s great job stability in consulting, too. Currently, two in three consulting firms report being short-staffed and even having to turn down work. Coupled with an estimated 4.3% CAGR through 2026, the demand for consultants will only grow.
The Best Time to Make a Career Switch Is Now
There’s never been a better time to make a career switch to consulting. Demand for consultants is growing fast and firms are struggling to keep pace with client requests. In the midst of the Great Resignation, the time to shift is now. You don’t have to quit the workforce to explore new and better options that fit your lifestyle.
To learn more about current consulting roles at Prime 8, visit our Careers page.
