What is ‘Great Resignation’?
In 2020, resignation rates in United States increased amid the fear and uncertainty caused by the covid-19 pandemic. One year later, the workforce experienced a collective burnout, as a result they left their jobs at unprecedented rates. This phenomenon of mass resignation is being described as Great Resignation.
Number of workers who left jobs
- According to US labour department, In November 2021, 4.5 million workers left their jobs.
- The data matched record numbers observed in September.
- It accounted for 3 per cent of the workforce quitting their jobs every month.
- As per estimate, 75.5 million people in USA resigned in 2021.
- As per ResumeBuilder.com poll, about 23 per cent of the workforce will require new jobs in 2022.
- Low-wage workers were more likely to resign the job as against the higher-paid workers. The most affected sectors include hospitality, healthcare, social assistance, transportation, warehousing, and utilities.
- 4 per cent of all positions in education are open, more than 6 per cent in retail, while 8 per cent in healthcare. Together, amounting to almost a million and a half vacant positions.
Condition in India
- In India, this situation is not that serious but still a cause for concern.
- Following the Great Resignation, IT and technology sector is hiring at unprecedented rates. The top five IT companies hired 1.7 lakh people in 2021.
- as per a September 2021 survey by Amazon India, around 51 per cent of job seekers are looking for opportunities in industries where they no or little experience.
What are the causes of Great Resignation?
The Great Resignation was largely fuelled by burnout. Other factors also include:
- Shift to working from home.
- Desire to move into a more stable profession.
- Lack of new challenges.
- Lack of new opportunities.
What are the ways ahead?
As per MIT study, there are several ways that companies can retain top talent.
- By providing opportunities for lateral job moves.
- By creating a healthy work culture. It can be done by hosting more cooperate social events, organising more excursions outside the office and providing employees with benefits like happy hours.
Category: Economy & Banking Current Affairs - 2022
|View All E-Books: Recent Release|