The pandemic-triggered, societal and economic shifts has seen people get a taste of some work/life balance.

And… they like it!

Burnout has become a global crisis and people are seemingly on the hunt for fulfilment more so than ever before. At work and at home.

This has sparked a worldwide theory about ‘The Great Resignation’.

Is it a real thing in Australia? Is it a great concern or a great opportunity in how it relates to the Australian franchise industry in particular?

What is the 'Great Resignation'?

The term is used to describe the number of people who have resigned during the pandemic so far, and the prediction of numbers to come.

People are prioritising themselves more than ever before. Health and balance have become a priority and if they aren’t finding flexibility and adequate benefits with their employment, they are starting to look at other options.

The Australian market is different however to the US market where it seems resignations are at an all time high. According to the ABS, Australian resignations have actually decreased over the past year.

This doesn’t mean unrest isn’t at an all time high or that people aren’t starting to research other options to fulfil their needs.

What could this mean for franchising in Australia?

If Australians aren’t resigning in droves, they have the ability to research and make sound, considered decisions for their next career move.

Those with entrepreneurial minds that have ‘the itch’ to follow their dreams are more receptive than ever to new opportunities.

For franchisors, this means the talent pool for such minds is booming and now could be the golden opportunity to acquire new talent.

For those looking for an opportunity, you should see franchises primed and highly motivated, with deals to get done, to expand again after a couple of very tough years in the market for so many.

Let’s explore a few key benefits of franchising for those looking to take more control of their lives.

The experts weigh in

The topic of ‘The Great Resignation’ has sparked many an industry debate in recent times.

To really understand how it fares for Australian businesses, we spoke to some key industry spokespeople to get their opinion.

Our own franchise Buyer founder, Glenn Walford has long been skeptical of a 'great resignation'.

“I’ve never been in agreement with the numbers we have seen suggesting that 40%+ of people are going to resign, I just don’t see that as realistic given people have financial and varying other related commitments.

And changing jobs/careers doesn't often gel well with that.

But, in saying that, what is very clear is that there is a palpable sense of restlessness amongst many. And how that is managed at a broad employer end, will determine if it’s a ‘great resignation’ or a ‘great re-calibration’ of people's lives.”

Darryn McAuliffe, CEO of FRANdata Australia agrees.

“With so much uncertainty around what the world will really look like in 2022 and 2023, we think most people will actually take a fairly cautious approach before leaving secure employment.”

Darryn does see an opportunity in tapping into a new inspired talent pool.

“We are observing a lot of strategic planning occurring across the franchise sector which is likely to create staff movement, opportunities and the increased availability of displaced quality people. Restructures throughout larger corporates may also provide an increased pool of well-qualified and financially resourced prospective franchisees which would certainly be a positive for quality franchise systems.”

The sentiment from Glenn and Darryn is shared by Len Ferguson, Franchise Director.

“I'm not seeing a lot of people looking to change their jobs immediately. I think there's a little bit of dissatisfaction or reevaluation of their careers based around the consequences from the pandemic where people were working a lot from home”, says Len.

“They're looking for more flexibility in their jobs rather than changing their jobs.”

All this has us pondering.

Is ‘The Great Resignation’ really a thing of industry concern going forward? Or, for the franchising industry in Australia, could this become ‘The Great Acquisition‘?

Time will tell...