What is the ‘great resignation’ 2022?
COMPANIES are desperate to fill an increasing number of open positions as more employees are quitting their jobs.
Reports on the rising level of job openings are calling it the 'great resignation' 2022, and surveys indicate it may be here to stay.
What is the great resignation?
The post-pandemic job market is stabilizing but there aren't enough workers to fill the positions, according to .
Businesses in the US had 11.3million job openings to fill in February 2022, but 4.4million Americans quit their jobs that same month.
According to a , a poll involving Gen Z and Millennial workers revealed that 52 percent of respondents said they are considering changing employers by the end of the year.
Microsoft refers to Gen Z as anyone between the ages of 18 and 26 and Millennials between the ages of 27 and 41.
However, 35 percent of Gen X, those who are 42 to 55 years old, and Boomers, ages 56 to 75, said they are thinking of changing their jobs as well.
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How has the employment rate shifted?
The rate of open job positions has increased substantially in the last decade, rising from just over 3million job openings in 2011 to 11.4million in 2022.
“The Great Resignation is here and job loyalty is a thing of the past,” Victoria Short, CEO at Randstad UK, told CNBC.
“The pandemic has changed how some people think about life, work, and what they want out of both.”
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An article written by in May 2020 showed how the lockdown altered the way people perceived their careers, causing an early mid-life crisis for many Gen Zers and Millennials.
The lockdown gave workers time to evaluate where they were in their careers, causing a shift in how they looked at job stability and security.
Cece Philips was living in Soho in New York City when the Covid-19 lockdown went into effect, and suddenly she had ample time to consider if a career in advertising is what she wanted.
Her aspirations had always revolved around painting, she told BBC, and when she was forced to work from home she made the decision to pivot careers.
"I definitely don't think I would have made this decision if it wasn't for lockdown. I've always loved painting and drawing," she said.
"Having that time to think about what it is I enjoy the most ... it became quite clear that I had to give this a go."
According to the article, more people were making the "career pivot" and in many cases, began focusing on their passions in the arts and entertainment.
Two years later, there are more jobs available in arts, entertainment and recreation, educational services, and with the federal government for job seekers to fill, according to .
A Willis Towers Watson’s 2022 Global Benefits Attitudes Survey showed 44 percent of employees are “job seekers" as of February 2022 with 33 percent actively looking for a new position.
What are employers doing to combat the worker shortage?
Companies are working to provide added incentives to potential new hires including increased pay, health benefits, and paid time off.
However, Microsoft's survey showed that job seekers are looking for more than just increased pay.
The survey found that Gen Z and Millennials want a positive culture in the workplace, as well as mental health or wellbeing benefits, flexible work hours, and more than two weeks of paid vacation a year.
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Gia Ganesh, the vice president of People and Culture at Florence Healthcare, told CNBC, “This phenomenon will continue for a while because employees still want to be paid fairly.
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"They still want to have the right work environment and get the right job opportunities."
She added, “As a society, if we begin to shape our practices around how we treat people, how our work environments are structured, the Great Reshuffle will end."
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