4.3 million people quit their jobs in January as the Great Resignation shows no sign of slowing down (2023)

FAQs

How many people have quit their jobs in the Great Resignation? ›

Conclusion. With over 47 million people resigning from their jobs in 2021, the Great Resignation is a historical trend that will have an impact on the job market for years to come. Many workers are not only changing jobs but also their entire careers.

The Great Resignation describes the elevated rate at which U.S. workers resigned from their jobs starting in the spring of 2021, amid strong labor demand and low unemployment even as vaccinations eased the severity of the COVID-19 pandemic.

PwC's "Global Workforce Hopes and Fears Survey" found that globally one in five workers may quit their jobs in 2022. About 71% of those surveyed cited pay as the key factor behind their decision to change jobs.

The “Great Resignation” that has seen a record number of workers in the United States voluntarily resign from their jobs continued as approximately 4.2 million workers quit in November 2022, according to the Job Openings and Labor Turnover Survey (JOLTS) released by the U.S. Department of Labor's Bureau of Labor ...

Great Resignation shows signs of slowing

The number of survey respondents who say they are actively searching for a new job in the past four weeks increased to 24.7% from 24.0% in July 2021, driven largely by workers under 45 and those with a college degree.

The 'Great Resignation', in which tens of millions of Americans left their jobs during the pandemic, lost some steam in September, according to a report. The number of quits saw the fifth decline in six months. But historically speaking, the number of Americans leaving their jobs is still very high at 4.06 million.

What's holding folks back from returning to the workforce and taking available jobs? Disruptions to schooling and child care are still keeping people who were working before the pandemic out of the workforce now. Chris Hossellman of Palo Alto, California, has two young kids.

The rate of people quitting their jobs voluntarily in the US is up on pre-pandemic levels. 65% of people who quit their job did not return to the same industry. Lack of career development/advancement is the most commonly cited reason.

5 According to our estimates, the Great Resignation increased the rate of inflation by up to 1.1 percentage points. Interestingly, the contribution to inflation built up from the onset of the pandemic crisis. This inflationary pressure plateaued at its peak of May 2021 and then declined slightly in September 2021.

What triggers great resignation? ›

The Great Resignation has largely been fuelled by burnout, but other factors also include the shift to working from home and the desire to move into a more stable profession. In 2020, resignation rates across the US plummeted due to the fear and uncertainty caused by the pandemic.

'Great Resignation' is worsening: 49% of employees looking for new jobs, survey says. CHARLOTTE – For all those executives who believe that the worst is over when it comes to employee recruitment turnover and retention, a new survey finds that the “Great Resignation” is far from over. In fact, it's getting worse.

It is not too late to make a career change at 45. At 45 you have a wealth of skills that you learned from years of work experience that can be applied in a wide range of new fields. Many midlife career changers are able to successfully transition to a new job.

In the end, the Great Resignation has had a huge impact on small businesses, from higher turnover to acquiring new talent. Many small businesses have had to adapt how they do business too. Some companies have gone from working in person to offering hybrid work or even full-time remote work.

One in four employees don't feel secure in their current positions and almost half of them plan to explore new job options in 2023, according to a new report that indicates the Great Resignation remains in full swing.

Great Resignation brings great regrets. Over one in four people who quit their previous job (26%) regret their decision. Of those who found a new job after quitting, 42% say that their new job has not lived up to their expectations. “Unretirements” are on the rise.

Burn Out. Burnout is a major problem for millennials in the workforce. In fact, it's one of the leading reasons why millennials are quitting their six-figure jobs. According to Deloitte, in comparison to 77% of all respondents, 84% of millennials claim they have experienced burnout at their present employment.

The single most common reason why prime-age Americans say they're not working right now is caregiving. More than 26 percent of nonworking Americans aren't working because they're taking care of relatives or a household. The second-most common reason is health.

It is usually not wise to quit working when the economy is in a recession. As much as historians like to find similarities between past recessions, the reality is each one is different. That isn't to suggest people should never quit their job.

“There is no definitive 'best' time of year to quit your job. Quitting your job should be based on a number of factors, including (but not limited to) whether you have another job lined up, if you need to relocate for a new job and what notice you are expected to give to your current employer.

Is now a good time to get a new job? ›

Despite rampant recession warnings, the U.S. labor market is actually quite strong right now, and there are lots of opportunities to be had. A new job could also pave the way for more career growth. If you're stuck in a dead-end role, the sooner you bust out of it, the more progress you can make.

The No. 1 reason businesses struggle to fill open jobs is that wages are too low, according to a survey of more than 3,000 hourly workers conducted by employer payment platform Branch. Fear of exposure to Covid-19 at work came in second with 46% of the vote.

One in four US workers say they have refused to comply with their employer's instruction to return to the office – and are willing to accept termination as a result.

But that could be easier said than done: a survey from careers service Zety asked more than 1,000 US workers what their work expectations will be going into 2023, and 60% said they would rather quit their job than return to their desks five days a week.

The advantages of quitting instead of being fired include the possibility of negotiating severance and a positive recommendation. Disadvantages of quitting include forfeiting the right to claim unemployment. Any time you think your job is in danger, it's a good idea to start looking for a new job just in case.

Sometimes, quitting isn't the best thing to do. It can cost you money, and even make it harder to get hired if you don't have another job lined up.

The research found that toxic work culture was the biggest cause of attrition, even more so than bad pay or job insecurity. It's easy enough to tell if a workplace is toxic when you're in it but accessing a company culture can be difficult to do in the interview process.

Majority of workers who quit a job in 2021 cite low pay, no opportunities for advancement, feeling disrespected.

One of the main reasons top performers leave is because they feel their career advancement isn't going as planned. “It doesn't matter if they like what they're working on, who they're working with and are compensated fairly or more than fairly,” says David Foote, chief analyst and research officer at Foote Partners.

Other leading predictors of turnover include job insecurity and reorganization, high levels of innovation (as in, companies that move so quickly that they burn out workers), failure to recognize employee performance, and poor response to Covid-19.

What are people doing for income during the Great Resignation? ›

Leaving to work in gig work

There is an abundance of gig work opportunities. Gig work is any type of freelance work where you can choose your hours – like driving for Uber. With the rise of gig work, many people can leave their jobs and do odd jobs to make a living.

Of those who quit and landed a new job, 42% admit the new role hasn't lived up to expectations, says Joblist. According to Muse, the figure could be even higher. It found that three-quarters (72%) felt “surprise or regret” that their new role was “very different” from what they had imagined.

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.

The retail and hospitality industries have been among the hardest hit by the pandemic and most affected by the Great Resignation.

According to our estimates, the Great Resignation increased the rate of inflation by up to 1.1 percentage points. Interestingly, the contribution to inflation built up from the onset of the pandemic crisis. This inflationary pressure plateaued at its peak of May 2021 and then declined slightly in September 2021.

To retain a healthy workforce and re-build loyalty, employers must embrace change and make employees feel good about where they work. The right people strategy and technology can differentiate an employer and foster a 'Great Reset. '

It found that work-life balance was a key motivator among those moving jobs, while more employers were planning to recruit and retain staff by making jobs more flexible (35 per cent) than were doing so by increasing pay (29 per cent).