The Great Resignation: Introduction
What is The Great Resignation? Why is it happening? How is it affecting the market? What are some solutions to this era of uncertainty? Here is part one of three (1/3) of The Great Resignation
What is The Great Resignation? This event is the action of many employees worldwide quitting their jobs without any future job direction. Many people are planning to/ if they haven’t already quit their job in the fall and use their vacation time or just spend time off with no job lined up for when they are going to work again. According to Monster, a global employment website, they recently reported 95 percent of employees are considering changing jobs. This is on top of the 4 million people who already followed through and resigned in April. The reality is, this world is an employee’s market. It is the perfect time to job hunt with the Labor Department reporting almost 100 million jobs available worldwide. It’s no doubt that the pandemic has shifted the workforce and the workplace in ways nobody anticipated, but many employees are struggling with the transition back to the traditional work style.
Prudential released one in four U.S. workers will look for a new job when the pandemic eases up; Microsoft research finds that 41% of the global workforce is weighing leaving their current employer this year. Professor Anthony Klotz at Texas A&M argues that as we transition to the post-pandemic workplace, people would rather leave their jobs with no future plan than just resume the “old normal”. In the US alone, April saw more than four million people quit their jobs, according to research from the Department of Labor – the biggest spike ever recorded.
What are some of the market outcomes going to be because of The Great Resignation? Read Sudina Search’s blog next week on Market Outcomes of The Great Resignation!
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