Sources: McKinsey Report 2022, State of the Global Workplace: 2023 Report
Which is the most critical asset a company has? Of course, our people! Employees define the company’s values, culture and success. However, the “great resignation” seems to be a fact. Reports (McKinsey: 2022 Report, State of the Global Workplace: 2023 Report) show that there are 4M resignations per month in the US, with 40% considering quitting in the next six months. In addition to that, 60% of employees worldwide are quietly quitting*. These facts contribute to a significant global economic cost of $8.8 trillion, or 9% of global GDP. Losing the best employees could be detrimental to a company, causing decreased productivity, service delivery issues, higher expenses due to the hiring and training of new members, loss of revenue, low morale and disengaged employees.
The Great Resignation
Τhe Big Quit, or the Great Reshuffle, widely known as the Great Resignation, refers to an ongoing economic trend in which employees resign from their jobs voluntarily in large numbers. This trend started gaining momentum from 2009 to 2019 and has been further magnified in early 2021, largely due to the impact of the COVID-19 pandemic on the social and economic landscape.
Nowadays, even though the pandemic is over, employees are still quitting their jobs causing significant economic losses and instability to organizations. In order to explain this phenomenon, we need to take a close look at a recent research coming from the Bureau of Labor Statistics. The research reveals that this “resignation” trend started back in 2009 and it continues to increase today. Great Resignation is not a pandemic-driven anomaly. The pandemic only highlighted the problem. Businesses still seem to struggle holding on to their talents, and this issue is even more pronounced in some areas like cybersecurity. Cybersecurity industry alone is facing a global talent shortage of 3.5 million by 2023 that will remain stable at least until 2025.
At the same time, the pandemic has brought about nodal changes in society and the economy. Adaptation to new markets and industries using digital platforms, cloud adoption, improvement of remote work experience, interconnectivity, and upgrading customers’ experience make it urgent for organizations to embark on a digital transformation journey by adopting the latest cutting-edge technologies to remain competitive. This intense transformation calls for effective handling of all security challenges. However, workforce ups and downs especially in the Cybersecurity field, make businesses struggle with talent gaps. Can Managed Service Providers (MSPs) help companies stay agile and bridge this talent shortage?
How can MSPs help?
MSPs act like companies’ trusted allies. First and foremost, they offer access to a pool of experts across all operational fields. This eliminates the hassle of recruiting experienced staff in this talent-starved market. By hiring an MSP, an organization can gain access to the most advanced tools and technologies, thus reducing the costs associated with purchasing and maintaining that kind of expensive infrastructure. Additionally, MSPs offer 24/7 monitoring services using high-end network monitoring tools that provide system visibility and cloud management. In summary, MSPs provide businesses with peace of mind by taking over the day-to-day management of their systems, allowing business owners, managers and employees to focus on their core business operations and enhance efficiency and productivity.
And here comes the question. How can a Managed Service Provider deal with Great resignation? The low turn-out amount in MSPs is directly related to Company Culture and the perks that reward employees’ efforts. The MSPs create an attractive company environment that retains skilled, technical people. They offer a remote-friendly working environment that is enriched by continuous training and development of new talents. Extensive use of automation helps to eliminate manual repetitive tasks, allowing experts to focus on innovation. MSPs have in-house expertise and use advanced technologies that create opportunities for employee advancement and career paths in various tech fields within the organization. Thus, MSPs have found a way to embrace their own transformation by implementing a resilient strategy of mutual growth.
Neurosoft, as a leading Managed Services Provider, offers integrated ICT solutions because the company can operate simultaneously in three areas: Systems Integration, Cyber security, and Field Services. We ensure that our services are always adapted to the needs of each client, so that they can use them in the way they want for the benefit of their business. Our philosophy is based on the development of know-how and the human factor. Our expertise in new technologies and practices, as well as our collaboration with leading professionals in the fields of Cyber, Networking, Field, Cloud and Security are the reasons that have made us stand out in the market over the years. As a Vendor Agnostic service provider, Neurosoft offers reliability, efficiency, and flexibility through automation from design to operation. With a complete portfolio of solutions and services, we leverage all areas of infrastructure for the benefit of our clients to maximize their infrastructure optimization.
We would like to acknowledge that the original idea and data for this significant topic were provided by our esteemed member, Ilias Polychroniadis, Head of Presales. It was presented at the 18th IT Directors and the ISC2 Hellenic Chapter Conference about AI & Security.
*Employees continue to put in the minimum amount of effort to keep their jobs, but don’t go the extra mile for their employer.