Around 4.4 Million Employees have voluntarily quit their Job already
What does the Great Resignation precisely mean? So, The Great Resignation is an economic trend observed mostly in the United States where Employees voluntarily quit their jobs. The term was first tossed during the pandemic era and it was obvious that people would voluntarily quit their jobs due to safety concerns. But, the trend is not willing to stop and has reached new heights currently.
The exact reason for the great resignation is not known but it is estimated mainly because of dissatisfaction with the job. Due to the higher inflation rate, the cost of living is drastically rising and the salaries paid out can't be able to cope with the expensive living standards hence, there is no option for an employee rather find a job with a higher salary to cope up with his demands.
According to a recent report from JOLTS it was stated that around 4.4 million people have voluntarily quit their job around February 2022.
It can be mainly observed that the earlier pandemic made employees realize their demands and what salary should they expect to live in this high inflation rate era.
It was observed that due to the large amounts of resignations, many companies increased their hiring rate which gave new opportunities to people who weren't employed earlier. The layoff rate was also drastically reduced favoring the current employees.
The high rate of resignation can be said to be a reason to worry for many big companies as it can lower their production rate.
It can be predicted that due ongoing war between Russia and Ukraine will affect the current economy which could pause the great resignation as having a job can be a safety precaution due to rising prices globally. Hence, we can conclude that ongoing war can drastically pause the great resignation as people won't take a greater risk of quitting their jobs in slowing down economies.
The exact reason for the great resignation would surely vary from person to person but companies should largely focus on hiring new talent and retaining good talent. Let's hope that companies align with the increasing demand of their employees which could be the turning point of this trend.