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The Reality Behind the Great Resignation: Why Are People Quitting Their Jobs En Masse?
In August 2021, the USA Bureau of Labor Statistics released a Quits Rates report that estimated a total of 4.3 million quits in the country until that date. This was the highest quit rate since they started collecting data in 2000.
This is an alarming number for businesses, and it is the result of a complex situation in the job market. In this article, we’ll deep dive into the situation and discover some of the reasons that have caused this huge quitting phenomenon.
Low Salaries and Elevated Prices
The Bureau of Labor Statistics also revealed that salaries have increased up to 4.6 percent this year, so this may seem contradictory. However, salaries only seem low because they can’t keep up with a higher cost of living. BBC estimates that overall prices have increased by 6 percent this year.
That’s why employees don’t feel satisfied with their jobs, despite a 4.6 percent salary increase. This, among many other reasons, has led to massive resignations across the country. Employees feel they need to strengthen a collective muscle in the workforce as a form of protest to readjust their dynamic.
The COVID-19 outbreak has caused a massive effect called pandemic fatigue. Employees feel burnt out, exhausted, and demotivated due to the uncertainty that the pandemic has left.
This has been one of the major reasons why at the beginning of the pandemic 20.5 million people quit their jobs. This uncertain situation has forced employees to find other ways to make a living.
It is curious and strange to think about today’s situation in the workforce. The vaccine is now available in most countries, companies have reopened their businesses, and there seems to be a new normal. Despite all this, people are still quitting their jobs.
The Possibility of Working from Home
Others have decided to quit their jobs to explore more flexible working standards such as working from home. This allows them to be in charge of their organization and spend more time with their families, something that definitely reduces pandemic fatigue.
That’s why we can see an increasing desire for reskilling during the pandemic. According to a recent report conducted by Boston Consulting Group (BCG), 70 percent of their surveyees are interested in joining a job training program. Retraining has become more relevant than ever.
The Best Careers to Consider
During COVID-19, some careers have become more relevant than others. If you’ve gotten this far, you may want to take a look at those future-proof professions. We’ve prepared a list of in-demand careers in 2021 that you can consider.
● Cybersecurity: During COVID-19, many companies have migrated from on-site servers to clouds and other online databases and data warehouses. That’s why it has been almost imperative for them to hire cybersecurity specialists. According to BLS, the demand for cybersecurity engineers has increased up to 33 percent.
●Counseling: The pandemic has been detrimental to many people’s health, apart from the symptoms related to the virus. Depression, anxiety, and stress rates are spiking, meaning that more people are looking for counseling. That’s why the demand for counseling has increased up to 23 percent, according to BLS.
● Software engineering: The demand for software engineering services is non-stop. Companies will always require software engineers to keep their businesses afloat, whether to maintain their websites, troubleshoot, or develop mobile apps. The demand for software engineers has increased up to 22 percent, as reported by BLS.
The pandemic has undeniably affected how we communicate, socialize, and work, so it is no surprise to see this effect happening during such uncertain times. The pandemic has directly affected salaries and prices, and the great resignation reflects that situation.