The Great Resignation Phenomenon Continues Into 2022
In the year of 2021, a record number of American workers quit their jobs. In December itself, a total of 4.3 million American workers left their jobs, a little shy of the record 4.5 million as recorded in the month before, based on data published by the Bureau of Labor Statistics of the United States of America. The record number of resignations was in line with the high number of vacant positions offered by the employers. With guidance from your economics tutor Singapore in your economics tuition Singapore class, discuss the possible reasons contributing to the Great Resignation phenomenon in the United States and the rest of the world.
Key Contributing Factors
The American workers left their jobs for various reasons. The primary reasons could be better monetary incentives offered by other employers, such as better pay and better benefits. According to a study commissioned by Wisetail, 88 per cent of resignees said they would have stayed on if offered better benefits and career opportunities. For example, Home Depot offers a cash bonus programme, discounted stock purchases, tuition reimbursement and upskilling programmes to attract jobseekers. In consultation with your economics tutor Singapore in economics tuition Singapore, list other key contributing factors. The reasons can be multifaceted. Apart from better pay, work-life balance and working conditions were among the most mentioned reasons for leaving their jobs. Some frontline workers quit their jobs due to the high level of risk and pressure. Some simply re-evaluated their priorities after working from home for some time. Others chose to quit their jobs or retire early to care for their family members.
Interestingly, despite the record number of resignations in 2021, a net gain of 6.4 million jobs was recorded, with a total of 75.3 million new hires and 68.9 million quits. The total number of layoffs also hit a new record low of 1.2 million in December 2021, showing no sign of any negative impact from the new wave of Omicron variant. In discussion with your economics tutor Singapore in your economics tuition Singapore class, explain why it is still too early to determine the negative impact of Omicron variant on the job market.
The Trend Of Great Resignation Continues
According to a Parler survey conducted among 2,000 American full-time workers, 59 per cent had their resignation letters prepared. Parler survey also found that younger workers had a higher tendency to quit their jobs. To find out why, you may sign up for economics tuition Singapore with a reputable economics tutor Singapore. Mr Edmund Quek is widely regarded as the best economics tutor Singapore. The economics tutor Singapore offers economics tuition Singapore classes at his economics tuition Singapore centre located in Bishan. Among the resignees surveyed, 47 per cent were Generation X (born between 1965 and 1980) while only 13 per cent were Baby Boomers (born between 1946 and 1964).
A recent report by talent acquisition platform Lever showed that 65 per cent of Generation Z (born between 1997 and 2012) planned to quit their jobs in 2022. This is much higher than the overall 40 per cent across different generations. The survey also found that Generation Z valued a sense of purpose more than a high pay while Generation X and Millennials (born between 1981 and 1996) preferred a high pay to a sense of purpose. According to LinkedIn, Generation Z’s job transitions increased by 80 per cent on the popular job searching and matching platform. This echoed the findings of a Bankrate survey that number of Generation Z and Millennials who planned to change their jobs in 2022 was twice as many as that of Baby Boomers.
Linda Geng
Economics Tuition Singapore @ Economics Cafe
Principal Economics Tutor: Mr. Edmund Quek