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The Great Resignation is a myth: Meet the Great Reprioritization

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By Oren Barzillai, co-founder and CEO of EquityB.

A record 4.4 million workers quit their jobs in September, according to the US Department of Labor. It can be described as one of the most significant employment trends of the 21st century. Many reasons are responsible for this marine change in working conditions in Americans over the past 18 months. The event has been dubbed the “Great Resignation” and pundits and experts are coming together to explain its origins, measure its speed and predict its consequences. However, I believe that portraying this professional movement as just a migration – fails to take into account the true motivations of the employees who are leaving their jobs in such large numbers.

My decision on the great resignation is that the employees are not leaving their companies as much as they were concerned about the fact that they are seeing solid evidence: after many exits from SPACs to mergers and acquisitions, they are unable to share their companies in the valuation event. Is. Many employees may leave even before those events occur due to lack of valuable emotion.

On the latest episode of Real time with Bill MaherGuest critic and Shark tank Evaluating the current employment situation, personality Kevin O’Leary said that working from home has reorganized employees’ office hours and, consequently, their work / life balance. He noted that employees globally have demonstrated that they can successfully, creatively and functionally use technology to perform their jobs from home, and suggested that if their companies order that they return to work from the office, So they will say, “No, I’m leaving the bus and going to work somewhere else.” What Mr. O’Leary so deftly zero in on this seemingly trivial appraisal that employees will work anywhere and rearrange their lifestyles and schedules if they really feel like it. Valuable,

Value is something that is unfortunately lost among the many priorities of creating a successful, employee-first business.

A recent survey by Bankrate.com found that 55% of Americans plan to get new jobs next year. And Deloitte revealed that more than 50% of CEOs cite talent recruitment and retention as the most important challenges to come in 2022. What’s more, they are concerned that failure to stop the “bleeding” of lost employees will be a major obstacle to progress. Next year.

So many employees leave their current jobs, but what else could be responsible for a bird-hand opportunity not being needed for a new opportunity? The employee-employer relationship is one of the most enduring and consistent in our daily lives.

I believe it is incumbent on businesses – and the leaders who run them – to make sure their employees are valued, even if they are new to the company, and regardless of the depth of their experience.

Many employment professionals find fulfillment through their work – and their importance as employees to identify what may and may not be valuable to them. I founded my company EquityB, to address the notion that, in fact, they are companies that should be identified – and actively demonstrated – that value should start with startups that educate employees about its true impact. They can start by educating their team about one of the most important parts of their employment contract that is deprived or messed up in a package of typical benefits: their equity.

Let’s consider the term: equity. It refers to a part of the whole that belongs to the person who earned it. However, the truth is that there is not much for equality about equity. For startup employees, even after earning their stake in the company in the form of stock options – most of them are not able to access those options because they either do not know how to do it or cannot afford it. . This is a system-wide disconnect that is in no way the fault of private companies that experience a liquidity phenomenon; Still, it hurts any startup employees who can’t contribute to the success of the companies they helped build.

Every employee wants to be a part of something bigger than themselves. It is more than enjoying their status, or their role; It is about achieving a deeper sense of purpose by contributing to the success of their companies. Impressing is one thing; It is more tragic to be able to participate in that success. And that’s where equity comes in. That should be right, not just an option. As we say in EquityB: You created it, you own it.

Employees of private companies are often under-served by a system that briefly fails to provide information on how to access the equity earned during their careers by building the success of their companies. Each year, more than 55% of employees do not use stock options, totaling more than $ 60 billion. It is the money that remains on the table and is absorbed back into the companies. Once the concept of value is more widely accepted by both companies and employees, it will be easier to gain a better understanding of the seismic evolution of the workplace.

I do not suggest that the paid time off, the lunch provided by the company and other benefits or benefits should be ignored. But at times, this nice-stuff, which can give one company a slight edge over another, is far less than providing real value to employees. It does its best when an employee is considered a key contributor to their company’s valuation event – and ultimately, its main beneficiary. In short, they feel like this because their success has been prioritized with their company.

Going into 2022, it’s worth looking at the last 18 months as a great setting for the future of work. The Great Resignation is a prelude. Now it’s time to move on to the next chapter: The Great Reprint.

Oren Barzillai is the co-founder and CEO of EquityB. Previously, he co-founded and served as CTO at Tapingo, acquired by Grubhub for 150 million, and co-founded and served as CEO of Start a Fire.

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