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Headlines in the United States have highlighted the “Great Resignation” for much of 2021. The very sound of this name gives employers stress. And many employees themselves don’t know what to make of it. Just because something has the word “great” in doesn’t mean it’s actually a good thing (i.e. The Great Depression, The Great War, and The Great Hong Kong Typhoon of 1937).
While much of the focus has remained on the United States labor market, the “Great Resignation” is gaining traction in Australia, England, and other nations around the globe. It’s clear that this isn’t a local aberration. And it seems to be carrying momentum into early 2022.
There’s nothing unusual about above-average numbers of people moving on from their current jobs. The ebb and flow of the job market ensure these patterns play out over and over again throughout the decades.
But this is different.
The current average annual turnover rate in the United States is 57%, with 70% of the job departures voluntary. It’s simply not sustainable for small businesses with limited recruiting and training resources to deal with that much turnover. And the financial impacts are felt across the spectrum, leading to a combined loss of $600 billion a year.
When it comes to the tenure of the employees leaving, there’s bad news at both ends of the spectrum. Many businesses are seeing their experienced employees exit, taking established knowledge and tactics elsewhere. New employees are also heading for the door. A staggering 33% of new hires are departing in the first 90 days.
Some experts point to government programs that have delivered extra benefits and incentives to workers. Others claim that workers are quitting because they don’t want to return to their offices as businesses transition into post-COVID work arrangements. And, finally, many people see the trend stemming from efforts to get either promotions or more money elsewhere.
The Great Resignation is impacting nearly every industry, but some feel the sting more than others. The following are among the hardest hit:
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