What is behind the Great Resignation

Over the past two years, we have seen the most dramatic labor market shift in the last century leading to thousands of unfilled jobs and vacant workspaces. The U.S. unemployment rate shot up to 14.8% in April 2020; the highest rate since data collection began in 1948.

The national quit rate dropped by half a percent in early 2020 then shot back up in 2021 with more than 19 million people quitting their job between March and July 2021.

A Microsoft study identified that 41% of the global workforce would consider leaving their job this year. The study also found that 46% will likely change jobs for remote opportunities. Monster found that 86% of workers feel that their career stalled during the pandemic and 80% do not feel their employer offers growth opportunities.

The pandemic has caused a lot of us to refocus and reevaluate our priorities

Low wages and the desire for more flexibility and happiness are primary reasons for resigning. The other reasons millions of people are quitting are due to increased workloads, lack of flexibility, and limited growth opportunities. The pandemic has caused a lot of us to refocus and reevaluate our priorities.

To retain employees, managers need to listen to their employees, especially when it comes to remote work, work-life balance, and salary. And companies need to develop tailored retention programs that correct specific workplace issues and ensure a healthy and productive environment.