What caused the Great Resignation 2022?

investopedia.com - What Is The Great Resignation? Causes, Statistics, and Trends

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What Is the Great Resignation?

The Great Resignation describes the elevated rate at which U.S. workers resigned from their jobs starting in the spring of 2021, amid strong labor demand and low unemployment even as vaccinations eased the severity of the COVID-19 pandemic. Anthony Klotz, a professor of business administration at Texas A&M University, coined the term in May 2021, attributing the phenomenon to pent-up demand from workers who deferred decisions to quit early in the pandemic. Key Takeaways The primary cause of the Great Resignation is likely intense competition for workers, as reflected in a high number of job vacancies and a lower unemployment rate. Sectors hit hardest by the COVID-19 pandemic, such as accommodations and healthcare, have tended to have the most job openings. The pandemic caused some workers to exit the labor force while others have reduced hours, contributing to competition for available labor. The quitting rate is heavily influenced by the pace of hiring, and it could slow once the job market cools.

Understanding the Great Resignation

Though each individual’s reasons for changing jobs or leaving the workforce are tied to personal circumstances, the arrival of COVID-19 delayed decision-making for many, and voluntary separations from employment for reasons other than retirement plunged from 2.3% in February 2020 to 1.6% two months later. However, the trend shifted from April 2020 through March 2022, when 3% of the workforce would exit their jobs in the Job Openings and Labor Turnover Survey (JOLTS) by the U.S. Bureau of Labor Statistics (BLS). Employees often quit jobs after accepting a better one elsewhere, so to a large extent, the drop reflected the decline in hiring for new positions. Others undoubtedly delayed a planned exit, whether to start their own business or for another reason, amid the economic turmoil at the outset of the pandemic. With the arrival of COVID-19 vaccines and the accompanying economic rebound, hiring has picked up, even as those who delayed quitting for other reasons finally felt comfortable about proceeding. Some have suggested the quitting rate may also have risen for other reasons tied to the COVID-19 pandemic: Pandemic experiences led some workers to reevaluate life priorities and reduce working hours or leave the labor force entirely. Employers demanded employees return to the office after allowing remote work in 2020. Mistreatment by employers and customers during the pandemic pushed workers to leave as other options became available. The labor force participation rate has been slow to recover from pandemic lows, fueling the competition for workers. Some people left work because they could not obtain childcare as schools shifted to remote learning, while others did so because they wouldn’t comply with workplace COVID-19 vaccination requirements. Notably, though, the top reasons given by the workers who quit in a Pew Research Center survey conducted in February 2022 were low pay and a lack of advancement opportunities, suggesting that many left for a better offer.

Resignation Trends

Harvard economist Jason Furman argued in June 2021 that the elevated rate of people leaving their jobs was in line with the rising number of job openings, suggesting that competition among employers was driving resignations. A record 4.5 million workers quit jobs for reasons other than retirement in March 2022, representing an increase of 152,000 from February 2022, according to JOLTS data. Job openings of 11.55 million at the end of March 2022 were also the highest on record.

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