“The Great Resignation” is a new term.
It appears that the Coronavirus has caused some to reassess their working conditions, as there have been reports of mass quitting this year. A trend that started with the onset of the pandemic has escalated in September and October in the US, where one in thirty workers handed in their resignation, making the total 4.4 million. This number is even greater than pre-pandemic highs in six months in a row.
Quitting of full-time, secure and well-paid jobs by thousands not only in lower rank positions but in top managerial alike, has been called by economists “The Great Resignation”.
While reasons, such as more money and flexibility, were at the fore, there were also other (reasons).
Those at the centre often reported that the standards they had complied to before the pandemic they could not follow in retrospect of their loss brought by Coronavirus. Trained how to diffuse conflicts as a customer is always right, they could no longer put up with unreasonable behaviors and, they wanted a non-customer facing, quiet jobs where they could reflect on life’s values.
Many were appalled by the lack of behavioral change, expected to happen as the pandemic unfolded, and called it the last straw when challenged at work by their customers.
The job quitting trend is reported across all age groups, and even those close to retirement braved up and sought more fulfilling positions.
Jobs rotate naturally, but economists think that this time, is a bit different. Some say that people are not simply quitting jobs but now taking advantage of the job market. The thing is that once the process has started, there are new opportunities. Staying open-minded and watchful is crucial and allows jumping in at the right time into new career. Hence the great resignation has become the great rotation. In some cases, also an opportunity to go self-employed and start a new business.
While jobs not only provide us with the means to satisfy our needs, they remain for many a source of self-esteem and status. And this is understandable, even though the pandemic has been changing our obsession with work, challenging us to strive for more balance.
The trend is estimated to continue in the next few months, also in the UK, where a quarter of employees, according to the latest data, are expected to switch jobs in post-pandemic burnout or to fill in vacancies already abundant on the job market.
We must remember that it also creates a unique opportunity for the employers to redefine the existing positions and improve the working conditions of those who stay workers and sub-contractors. Thus they can ensure that their working needs are met. Employers could offer further training and guidance, but also, better areas such as reduction of noise, elimination of unduly stress, creation of a slower-paced working environment and provision of better pay.
“The Great Resignation” – Let’s re-assess – Your tax assistant
Source: BBC News, Various
Further reading – Self-employment what options are there?