Weirdly exciting new findings suggest that more Americans are quitting their jobs as a result of the pandemic’s “stay at home” mentality. This isn’t entirely the case, as many are simply leaving their jobs to opt for a home-based career from the office they so beautifully decorated during their forced stay-at-home order.
The Atlantic noted that the number of workers who quit their job in April broke an all-time U.S. record in one month, leading economists to call this phenomenon “The Great Resignation.” As July approached, even more people left their jobs. Only for August to roll around and set another record, emphasizing that the so-called Great Resignation is only getting greater.
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The Bureau of Labor Statistics states that the number of quits is increasing in almost every industry across the board. The accommodation and food services sector saw a decrease in employees by 7% in August 2021 alone.
Why might this Great Resignation be the next significant moment in America’s economic history? You can thank the several stimuli and pandemic-relief checks for that. Not to mention rent moratoriums and eases on student-loan, all of which resulted in more freedom and leeway for people to quit their jobs and start something new.
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The Great Resignation might be “great” for the employee, but managers, hire ups, and bosses are watching their company fall apart before their eyes. Sorry bosses, because it looks like your employees are having a much better time working, cooking, caring for kids, entertaining themselves, and educating their children from the comfort of their home.
Before the pandemic, individuals tended to associate their identity with what they do as a career; their lives revolved around their jobs. Now, by removing the office in an individual’s day-to-day, many are rediscovering just how refreshing it is to focus on things greater than their career, which we think is quite beautiful.
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Not only do we see an increase in the amount of “quits” across America, but the country is now reporting the lowest average retirement age ever at 62 years young. Of course, this doesn’t mean that work is going away entirely; individuals still have to make a living and provide for themselves and family. However, the increase in “quits” across the country is still something to reconsider when examining the economy as a whole.
For many, the office was a way to get in touch with the community and feel a part of something greater, but with offices closing throughout the pandemic, this left far too many wondering where they belong and fit in. If there’s one thing for sure, it’s that the Great Resignation is one of the latest and most significant central moments in America’s economic history.