Forbes Coaches Council
Will You Be Part Of The Great Ownership Revolution?
You may have heard of “The Great Resignation,” but I see the spark of a new demand for greater control over personal income, wealth and equity holdings — and, of course, the elusive work and life balance we all crave. I see the declaration of independence from traditional 9-5 and the spark of “The Great Ownership Revolution.”
Numbers suggest that people are quitting their jobs at a higher rate than for at least 20 years, a churn in April of 2.7% of American workers leaving jobs, according to the Labor Department. Only a year before, that had been 1.6% of workers changing jobs.
When the global pandemic was in full force, a lot of people hung onto their jobs because few people want to leave during a time of great uncertainty. But now that sentiment seems to be pointed in a better direction with many people actively looking for ways to retain their newfound home-based lifestyle and strategizing how to resign if required to return to the office.
“The Great Resignation” is a term coined by Anthony Klotz, an associate professor of management at Texas A&M University who has done a lot of research on people leaving jobs. He was quoted by Bloomberg.com as saying, “The great resignation is coming,” and ever since, there’s been a lot of talk about it. In fact, Microsoft recently released a report titled, “The Next Great Disruption Is Hybrid Work — Are We Ready?” and it found that 41% of the entire global workforce may be considering leaving their jobs for something better.
What is better than taking control of your own livelihood? When you own your career, no one can take that away from you. You determine how high you will climb and how best to spend your time. This is where “The Great Ownership Revolution” starts. As somebody who often works with people exploring new career possibilities, I have a few ideas.
You could start your own business. Although it can be a risky endeavor when you start your own business, you’re investing in yourself. My guess is that whether it works out or not, it’s something you will probably never regret. If you approach starting your own business with a lot of forethought, and you develop a business plan, you’ll reduce that risk by a considerable degree. For those with an idea and a passion to be their own boss, this can absolutely be a smart career move.
You could buy a franchise. This can be an excellent option for people who love the idea of being their own boss but aren’t quite sure what type of business to start and don’t want to risk their savings on an idea that may or may not have legs. Franchises offer a comprehensive blueprint on how to run a company and also provide training and ongoing support.
If you know you could be a successful entrepreneur with the right idea, a franchise may be the right thing for you. If you’re somebody who thinks big, you aren’t limited to buying one franchise. People sometimes own multiple franchise locations or end up owning several franchise brands.
So much of figuring out a new career path is deciding what you want out of life. Do you want more money? More time with your kids? More freedom to make your own decisions rather than being told what to do? Are you looking to get away from the 40-hour-a-week office grind? Or maybe you don’t mind the office, but you want it to be your office, in your own business?
The pandemic did force a lot of people to slow down their lives, and that has probably been a healthy development for a lot of us. For many professionals, suddenly getting the opportunity to work from their homes and skip busy meetings has a certain appeal for a different career and lifestyle.
In order to get it, you have to do more than want it. You have to go for it. To recognize that, you need to take action and figure out what the next step should be. If Klotz was right, a lot of people are going to soon be trying to find the next step. Hopefully, everyone will find it. Otherwise, too many people stuck in a rut will soon be heaving a collective sigh of great resignation.