The Great Resignation is Over – Or Is It?

Millions quit their jobs in 2021 and 2022. It was called ‘The Great Resignation’. Some experts say it is now over.

But are employees getting what they want?

Or is economic instability and fear of losing to AI keeping them put?

The Great Resignation is winding down, according to ADP’s chief economist Nela Richardson. Many people were happy to leave their jobs during the pandemic to explore new ones. Some were looking for better pay, while others were eager to start a business. “The Big Quit of 2022 could be easing into the Big Stay of 2023,” Richardson wrote in her recent commentary.

Richardson pointed out in her post that 2022 saw the largest job quits level on record at least since the Bureau of Labor Statistics started tracking that data over two decades ago. While there’s only three months of data available so far, quits in 2023 are much lower than they were in the first quarter of 2022.

But are employers getting what they want?

Or is economic instability and fear of losing to AI keeping them put?

There are also studies claiming the opposite.

A quarter of workers surveyed by PwC expect to change jobs in the next 12 months, up from 19% last year, as they are increasingly left cash-strapped in a cooling economy while dealing with inflationary pressures.

Even as the ‘Great Resignation’ continues, around 42% of the employees surveyed by PwC in its new study of the global workforce said they are planning to demand pay rises to cope with the higher cost of living, up from 35% last year.

Some 46% of respondents to the ‘2023 Hopes and Fears Global Workforce Survey’, which polled 54,000 workers in 46 countries, said either that their households were struggling to pay bills every month, or that they could not pay bills most of the time.

An article shared by Tejaswini Janbandhu provides the following information: “By being aware of the impacts of the Great Resignation, both employers and employees can make informed decisions and take proactive steps to adapt to the changing landscape. Remember, it’s a dynamic time, and staying agile and open to new #opportunities will help you thrive in the evolving world of work.”

Janbandhu lists her recommendations to employers as follows:

Foster a positive work culture: Prioritize the well-being and happiness of your employees. Create an inclusive and diverse environment where everyone feels valued and appreciated.

Embrace remote work: Consider offering flexible work arrangements to attract and retain top talent. Embracing remote work can be a game-changer in today’s evolving work landscape.

Invest in employee development: Provide opportunities for growth and skill enhancement. Offer training programs and career advancement initiatives to keep your employees engaged and motivated.

Adapt to changing expectations: Keep a pulse on what employees’ desire in terms of benefits, work-life balance, and workplace policies. Stay flexible and willing to adjust your practices accordingly.

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