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Explainer: What’s driving ‘the Great Resignation’?

0 3 years ago

Economists are calling it the Great Resignation. People are leaving their jobs in droves, and there’s no indication that this mass exodus will slow any time soon.

The term was coined by Anthony Klotz, a professor of management in Texas, who in May 2021 said a wave of resignations was coming as people digested the lessons of lockdown and reimagined what normal life should look like. After working from home for months, with no commute and more time with family, many people have decided it’s time for a change.

This trend is most pronounced in the US. The so-called ‘quits rate’, a measure of voluntary resignations per month, rose in August to an all-time high – 4.3 million people, or 2.9% of the entire workforce, according to the US Bureau of Labor Statistics. In the leisure and hospitality industry, which was battered by COVID-19 restrictions, the rate soared to a record 6.4%.

In the UK, nearly a quarter of employees plan to leave their job within the next three to six months, according to a recent survey by the recruitment firm Randstad. What’s more, almost 70% of respondents said they were confident at the prospect of changing jobs.

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