Industry Trends, TES Insights
Defining “Normal” Post-Pandemic: The New Career Economy, The Great Resignation, and the Future of Franchising
Two years into the era deemed “The Roaring 2020s” and this decade has already proven to be one of great change and innovation, although we could have never anticipated the massive global event that became the catalyst for colossal economic and cultural shifts. The labor experts and historians who pontificated about this moment, debating if remote work was permanent or transitory and how the fluidity of labor would affect the global economy, got the answers they were looking for by way of “The Great Resignation” that has impacted every industry.
Actions Speak Louder than Words
The foundation of work stability has been deteriorating for a long time. As the New York Times once put it, “It is highly unusual in today’s economy for a person to work all his life for one company. In such fields as aerospace and electronics, mergers take place, contracts fluctuate, work opportunities change, and workers have to go where the jobs are.” That was from an article written in 1972, but the trends that began to emerge half a century ago truly reached their peak in the world we live in today.
The “cherry on top” of this unstable economic state and the festering, underlying feelings of unrest in the workforce was the moment when millions of employees learned the hard way in 2020 that their loyalty to their employers is not reciprocated. This realization paved the way for the behavioral phenomenon we saw last year when, according to Business Insider, a record 38 million workers quit their jobs for higher wages and better working conditions, or just different opportunities altogether, including exploring business ownership and franchising.
How will franchisors navigate this new era that The Entrepreneur’s Source has been calling the New Career Economy for decades?
The Great Resignation or The Career Ownership Revolution?
We call this demand for greater control over personal income, wealth, and equity holdings, and greater work-life balance, “The Career Ownership Revolution.” Americans’ mindsets and priorities have shifted when it comes to work and their futures, and they are no longer willing to allow their personal and financial futures, and their family’s lives remain at the mercies of their employer.
We consider this mass exodus from Corporate America to be the rallying cry of a workforce that will not tolerate a landscape where they invest their time, energy, and resources and don’t directly benefit from the results. Where actions speak louder than words, the message that rings loud and clear is “I’m taking ownership of my career and investing in myself.”
Couple the Great Resignation with the hiring crisis of 2021, and franchises are perfectly poised to see sustained, long-term growth, particularly if they are a franchise that has a modest initial investment and a business model that doesn’t require many employees or large overhead expenses. We have seen that the demand for home-based, service-based businesses, and virtual services continue to grow.
While some industries in franchising could be negatively impacted by these trends, we see all these changes to be a massive opportunity for the franchising world. For franchises that understand and embrace the opportunity that this shift has created, they will discover that finding strong franchise candidates and high-performing franchisees is more prevalent than ever.
Veterans of Corporate America Fix Their Gaze on Franchising
The franchise candidates exploring franchising are stronger than ever. These are people who have had long, successful careers in corporate America, and have decided to take full ownership of their own careers by channeling decades of expertise and acquired business acumen into their own businesses.
It’s no secret that franchising provides all the benefits of starting your own business with the increased probability of prolonged success that comes
from leveraging the support and resources of following a proven system, and these Corporate America veterans understand this.
Our Career Ownership Coaches® have experienced these conversations first-hand. The need for education around the benefits of franchising and specific franchise possibilities has never been greater, and these franchise candidates are ready to have that conversation.
It’s never been a better time to be in franchising – the only industry that has all the necessary tools to empower millions of individuals to take ownership of their lives by investing in a franchising. If Corporate America is the cause of the Great Resignation, then the future of franchising, or the Career Ownership Revolution, is the cure for years to come.
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