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Concept
Great Resignation
Summary
The Great Resignation, also known as the Big Quit and the Great Reshuffle, is an ongoing economic trend in which employees have voluntarily resigned from their jobs en masse, beginning in early 2021 in the wake of the COVID-19 pandemic. Among the most cited reasons for resigning include wage stagnation amid rising cost of living, limited opportunities for career advancement, hostile work environments, lack of benefits, inflexible remote-work policies, and long-lasting job dissatisfaction. Most likely to quit have been workers in hospitality, healthcare, and education.
Some economists have described the Great Resignation as akin to a general strike, especially with regards to retail workers. However, workforce participation in some regions has returned to or even exceeded the pre-pandemic rate. This suggests that instead of remaining out of the workforce for extended periods (which can be financially difficult, especially at a time of high inflation), many workers have been simply swapping jobs. Some regret quitting their old positions.
The term "Great Resignation" was coined by Anthony Klotz, a professor of management at University College London's School of Management, in May 2021, when he predicted a sustained mass exodus. In response, businesses have increased the rate of automation, creating a boom in robotics and artificial intelligence. Furthermore, while workers might feel empowered by being able to quit as soon as they see fit, they may struggle to climb up the career ladder because of their lack of experience and professional connections. Klotz later predicted the plateauing of the quit rate in 2023, and the end of the Great Resignation.
Between December 2000, when quit rates were first measured by the United States Department of Labor, and February 2021, roughly a year following the beginning of the COVID-19 pandemic, the U.S. resignation rate never surpassed 2.4% of the total workforce per month. High quit rates indicate worker confidence in the ability to get higher paying jobs, which typically coincides with high economic stability and low unemployment rates.
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