The “Great Resignation,” a high rate of employees leaving their jobs month-over-month, emerged as one of the key stories in 2021. Many initially hypothesized that the mass exodus was driven by empowered employees seeking greater mental well-being and flexibility. But the truth may be a bit more nuanced. Experts are now suggesting that many are leaving their employers out of necessity due to covid-related child-care woes and health concerns. Others are simply transitioning to new jobs with higher pay or flexibility. Either way, the trend shows that employee needs and priorities are changing and that the workplace must adapt.
To help prospective and current MBA students better understand this new and dynamic environment, Carrington Crisp, an educational consultancy and research firm, partnered with the Executive MBA Council (EMBAC) and the Working Professional Task Force to research the changing nature of work and learning. After interviewing 100 employers across the globe, the consultancy found five trends.
Increasing demands for flexibility: Among employers, 44 percent agree that the flexible working options offered during the pandemic are here to stay.
Commitment to lifelong learning: Most employers, 86 percent, agree that employees will need to take part in continuing education initiatives to maintain relevancy throughout their careers.
Digital transformation: Continuing education activities will transition online for many organizations as budgets remain stable or decrease. Approximately 80 percent of respondents also expect that management and executive development will include online learning elements.
A focus on skills (new and old): Most employers recognize that leadership and communication skills will only gain in importance as employees manage increasingly diverse groups across generations and geographies. But employers also named newer skills such as digital transformation, artificial intelligence, operational efficiency, data analytics, and data-based decision making as critical.
Fast application of learning: Employees will be expected to apply their new knowledge to their environment quickly.
Business schools will need to evolve too. Below, representatives from MBA programs discuss content they believe will soon be an essential part of a general management education.
People Analytics and Human Resources: Susan Fournier, Dean of Boston University’s Questrom School of Business, noted that there may be a greater emphasis than ever before on the role of HR in defining the “social architecture” of a company, and facilitating flexibility and other strategies that promote employee retention. Similarly, Charlie Tharp, an HR Management professor at Questrom, points to the key role that people analytics will play for businesses in the future. The world, he noted, is shifting from defining value in terms of physical assets to human capital (skills and abilities). As such, the role of HR and people analytics capabilities will grow in strategic importance.
“Out of the Box” Management: MIT’s Sloan School of Management is teaching students to meet the moment through a speaker series, which started in 2020; the 2021 theme is “Building a Better World of Work.” MIT Professor Erin Kelly describes this moment in history as bringing an opportunity to managers to think more meaningfully about supporting employees in individualized ways—extending efforts beyond generalized workplace wellness initiatives and managing employees in ways that promotes sustainability, as well as physical and mental wellbeing.
Leadership in Uncertain Times: Professor of Management at Boston College, Jerry Kane, notes that disruptions are inevitable, even looking beyond the pandemic, and that business schools must train students to navigate and lead through ambiguity, making decisions and moving forward with intention despite uncertainty. For example, he points out that employees are valuing flexibility more than ever and companies that aren’t willing to reconsider the old ways of doing things and make changes will lose out in the battle for talent.