Vijay Eswaran

The View | Antidote to Covid-19 pandemic’s Great Resignation could be found in ‘spirit-preneurship’

Around the world, not only are millions resigning from their jobs, there has been an uptick in business registrations in some countries

The collective reassessment of business priorities, profits and employees’ role in them should prompt employers to create and sustain deeper meaning to retain to staff

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A street in Hong Kong’s Central business district is quiet on a rainy afternoon on February 21. The pandemic and ensuing restrictions have led many to re-examine their career path and identity. Photo: Nora Tam

Vijay Eswaran

Published: 10:00pm, 3 May 2022Updated: 10:13am, 4 May 2022

In the past two years, the emergence and eventual spread of Covid-19 has prompted us to stop and reflect. This pause, combined with the silence caused by lockdowns, has resulted in what has been called the “Great Resignation” – an ongoing trend of millions of people voluntarily resigning from their jobs.

The phenomenon has been attributed to wage stagnation, the growing cost of living, job dissatisfaction and safety concerns brought about by the pandemic. Some have likened the Great Resignation to a general labour strike.

The Great Resignation has also helped give birth to a great entrepreneurial renaissance, resulting in record-breaking registrations of new companies in both the United States and the United Kingdom. This should be celebrated, despite – or perhaps because of – the inevitable failures that come with starting new careers or ventures.

People walk to office in Kuala Lumpur, Malaysia, on March 18. Many Malaysians have been looking to switch jobs, with a better salary package being the top motivator. Photo: EPA-EFE

The policies of both employers and governments should embrace the new non-linear career paths many of us have embarked on. They should allow us to hold on to the insight gained from Covid-19’s forced moment of reflection and realignment.

Failing to protect this insight could mean our workforce and attitudes revert to their pre-pandemic ways. We risk looking back at this moment as a missed opportunity when we could have started something new – something that would foster our own spirituality and bolster our ability to navigate this brand new world.

Covid-19 changed so much – our economies, our ambitions and our lifestyles. The revelatory nature of silence has turned out to be fuel for new business models and value propositions.

Often, that means new start-ups. Asia’s start-up scene has clearly taken off. The region has the biggest share of investment, with a global deal share of 36 per cent during the fourth quarter of 2021. A senior member of Microsoft Asia’s strategy team recently noted that India, China and South Korea are seeing the emergence of unicorns – start-ups valued at US$1 billion – every week.