Power To the Employee: What is "The Great Resignation" (And, what does it mean for you?)

Brian's World

We've been swamped with all sorts of shocking and historical headlines in recent years. There was one that wasn't necessarily puzzling, more like intriguing. Society really lended it's attention to it, you know? That headline was titled, "The Great Resignation". It sounds like a movie and it may very well become one. It highlights an unprecedented time in American history where a record number of workers walked out of their jobs.

According to the U.S Bureau of Labor Statistics, over 47 million Americans quit their jobs in 2021. This wave of resignations was spurred by the strains of the pandemic but studies show that it was a ticking time bomb all along. A 2022 Pew Research survey exposed the truths about the American labor force and the harsh, sometimes exhausting, environments that our industries have created. Recently resigned workers point to 'quality of work' fallacies like unfair pay, stagnation, disrespect (towards the employee), and limited flexibility as reasons they left their jobs. Some were pointing to the more obvious concerns that the pandemic brought about like needing to be home with their children during virtual learning. A very small percentage of people were concerned about the COVID-19 vaccine requirements that was implemented during the height of the pandemic.

As highlighted by Joseph Fuller and William Kerr in the Harvard Business Review, "what we are living through is not just short-term turbulence provoked by the pandemic but rather the continuation of a long-term trend." You see, I believe that we are entering a new state of workforce here in the states. A moment in history that I believe will be healthy for us all as it serves as a reminder to employers to value the employees and curate healthy environments for them to work in. Greg Iacurci from CNBC feels the same way. In fact, in his article from last week (Apr. 11), he wrote, "These workers will likely account for a good deal of churn in the labor market as the so-called Great Resignation continues, and this suggests employers may need to reconsider pay, benefits and other workplace issues." “The power is going to the employee right now,” said Tim Glowa, who leads Grant Thornton’s employee listening and human capital services team. “They are in the driver’s seat.”

The driver's seat, the vehicle, and the journey; I believe the labor market has set its sights for brighter days. The power has returned to the talent and employers are being held accountable for greed. Let's investigate what's behind the "Great Resignation" and see where we stand in all of this. No policy, just facts.

Let's get into all on Episode 171. Connect on Instagram, Twitter, or by email at [e-mail].

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