The Yolo Economy phenomenon
YOLO stands for You Only Live Once, that is, you only live once.
The phenomenon of the YOLO Economy (also called Great Resignation and Big Quit), is the phenomenon of mass resignations that began to manifest itself in the United States in 2020 and is also affecting Italy with an 85% increase in resignations in 2021 compared to 2020 (source: Ministry of Labor).
The pandemic due to COVID-19, with its lock-down and the consequence of social distancing, has had, and continues to have, a great global impact not only on a health and political level, but also on a social and existential level. What we have been experiencing for two years now has highlighted human vulnerability and, per consequence, people have begun to pay attention and gain awareness about their values, their priorities, what is truly important in their lives, questioning the concept of “work-gain-economic incentives”.
The YOLO phenomenon, triggered by the pandemic, transversely affects multiple Generations, who find themselves united and united by this new vision, the same motivations and the same needs.
From recent research by the Italian Association for Personnel Management (Aidp) on 600 Italian companies, the highest number of resignations in 2021 occurred in the 26-35 age group (70% of the sample), a generation already projected to dynamism, followed by the 40-50 age group, a generation usually more reluctant to change and more inclined to stability. From the same research shows that the aspiration to a better work-family balance impacted for 41% of resignations and the desire to give a new meaning to life for 25%.
So, it is clear that the “pay them more”, is certainly indispensable for certain categories of workers, but is no longer a sufficient condition for attracting and retaining workers, especially if they are talented. People value time more than money and the meaning of their life.
The loss of “normality”, suffered with the pandemic, has triggered the desire for flexibility, curiosity, to learn new skills (especially for Millennials and in Gen Z), of growth, of psycho-physical well-being, of quality of life that is the so-called Work Life Balance.
As for the need to learn new skills, from a US survey carried out in 2021 on 1000 employees, most workers believe they are sufficiently competent (hard skills) to fill the duties of their role, while as many as 20% of respondents believe that soft skills, such as communication skills, organizational skills, leadership, people management, problem solving, time management, are necessary for future career advancement. These skills are those most requested by companies.
Business Coaching is a discipline that aims at personal and, consequently, professional development, based on transversal skills, such as those mentioned above. A Business Coaching path is much more than a theoretical training course, because it is personalized and experiential and therefore very useful for:
- the company that has to adapt to this new market situation to attract, develop and keep people, especially if they are talented, as a company resource;
- the person (regardless of the job role) who seeks a new meaning in his life with a better Work Life Balance (which does not necessarily mean “resignation”!)
Author: Valentina Reiner
Valentina Reiner is Certified Business Coach (CBC™) by Worldwide Association of Business Coaches (WABC), European Individual Accreditation (EIA) Coach/Mentor at Senior Practitioner Level by European Mentoring and Coaching Council (EMCC), Neuromanager Positivo Applicato (NPA®) by Apprendo Academy
Sources:
Economy Magazine, 15.11.2021: Lavoro, boom di dimissioni causato da “Yolo Economy” e voglia di indipendenza.
Microsoft, 22.03.2021: The next great disruption is hybrid work-are we ready?
VISIER Research Report: Mad about skills: a top reason people are quitting job.
VISIER: Four Things We Learned About the Resignation Wave–and What to Do Next
Quotidiano.net, 19.01.2022: Lavoro, boom di dimissioni tra i giovani: ecco cosa sta succedendo.
Corriere della Sera, 24.01.2022: Lavoro, boom di dimissioni (volontarie) tra i giovani. «Cercano posti migliori».
Associazione per la Direzione del Personale (Aidp): ricerca su 600 aziende, dati elaborati dal Centro Ricerche Aidp guidato dal professor Umberto Frigelli.