The ‘Great resignation’ era has come-4.53 million Americans recorded quitting their jobs last year

In the uncertain period of the pandemic over two years, according to the U.S. Bureau of Labor Statistics, 4.53 million Americans quit their jobs in November 2021 beginning in early 2021, with 10.9 million jobs open at the end of July. And this is a phenomenon of what Anthony Klotz, a professor of management at Mays Business School at Texas A&M University, calls the ‘Great Resignation‘. Mostly, resignation rates are highest among the mid-career employees and those who are from the tech and healthcare industries. This phenomenon, later on, is spotted in Europe, the UK, also China, and India.

Experts said there are so many possible reasons behind it, mainly because of the Covid, which makes people rethink their work-life balance thus leading them to quit their job and find another higher pay or something they are really into to make their life more meaningful. Or they are quitting from burnout to simply take a break from their heavy-loaded work. On the other hand, it is also due to the failure of the government policies in response to the Covid-19, resulting in wage stagnation amid the rising cost of living.

As we have entered into 2022, the resignation rate is projected to be as high as it was before, and there would be a continuously huge gap between the labor market and supplier market.


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By Social Innovation Insight

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