The Great Resignation: Why 4 Million People Quit Their Jobs
The covid-19 pandemic has forever changed our ways of life. Thanks to vaccines and other therapeutics, people are slowly returning back to their normal lives. However, the post-covid world is different from the life we used to live before the pandemic began in January of 2020. Late last year, we saw a massive unemployment rate. We also trillions of dollars printed by the Fed.
But now, things are a little different. There are now millions of job openings but employers are struggling to find the right works. Unlike last years when people were out of jobs, now companies face a new challenge known as “The Great Resignation.”
First coined by Texas A&M University professor Anthony Klotz and has become another buzzword on social media. Klotz argues that “when there’s uncertainty, people tend to stay put, so there are pent-up resignations that didn’t happen over the past year.” In May, Klotz told Bloomberg Businessweek that companies should expect employee resignations as the workforce stabilizes.
“Companies are figuring out how to maintain their cultures and employees, so many are offering multiple options: Do you want to come back full time? Work remotely? In-office three days a week? Four days? One day?” Klotz told Bloomberg.
Another study conducted by Microsoft confirms Professor Klotz’s view and also explains why companies are finding it difficult to find the right workers. In June, a Microsoft study found that 41% of workers worldwide are considering quitting their jobs, with 54% of Gen Z, aged 18 to 25, saying they are contemplating the decision, the World Economic Forum reports. Across the nation, 15.4 million Americans are not working and are collecting unemployment checks from the government as of mid-May.
Even as companies are offering all kinds of perks and bonuses, millions chose not to return back to work and decided to quit their jobs instead. So far this year, 4 million Americans have quit their jobs. Today, companies are experiencing a mass exodus of employees only one year after we’ve seen the highest unemployment rates since the great depression.
So, why are workers leaving their jobs in droves? Does it have anything to do with the recent vaccine mandates because employers are now requiring workers to show proof of vaccination? Experts offered many insights including workers not wanting to go back to the office due to the fear of getting sick, flexibility, and work-life balance. Others said workers are leaving their jobs to focus on what is important in life such as family and their children’s education.
However, Katie Lynne, a YouTuber who herself escaped the corporate rat race, thinks there is a deeper underlying issue than what we see on the surface. Lynne argues that the “I quit trend” certainly did not happen overnight. She explains that even before the pandemic, the vast majority of the workforce has already been living in silent agony working at their jobs.
In the video below, Katie Lynne explains how we might have got here and also offers seven great reasons where workers are quitting their jobs and what they mean for the future of work, and what it might mean for you. Enjoy!