There’s a lot of talk out there regarding the cosmic shift that is happening in the labor market. The story has many angles: from labor shortages and supply chain backlogs to reticent employees reconsidering their job to people quitting employment for a better opportunity. All of this seems to add up to a very different picture of the job market as we move into 2022. One of the buzz terms right now is the discussion of “The Great Resignation” and people are voluntarily leaving the job market for greener pastures.
What are these greener pastures? Let’s explore this much-discussed phenomenon today and what that means for you if you find yourself job hunting.
What is the Great Resignation and What Does It Look Like on the Ground
For many observers, the ubiquitous “Now Hiring” signs are indisputable proof that the job market has lost workers. On the ground, the Great Resignation is a very real shift in the job market as company heads and executives struggle with a talent crisis.
According to Forbes magazine, The Great Resignation is a phrase first used by Anthony Klotz and refers to a wave of people leaving the workforce during the covid-19 pandemic. Klotz forecasted that as the pandemic weakens, there will be workers that walk out on the job for something better.
In April of 2021, the United States clocked in a record number of resignations. In July, the number was even higher, and it only kept growing. And yet, according to some experts, it’s not so much that people quit their jobs to bury themselves on their couches watching Netflix and chilling, but rather that people are reshifting.
Free-Lancing, Unemployment, and New Opportunities
According to recent data, the freelance industry has been booming with 67.7 million Americans freelancing. While it’s difficult to find one explanation for this, many speculate that the freelancing world garnered attention as people had to work from home and realized that freelancing provided some amount of freedom.
So while some people have framed this under the name The Great Resignation, others suggest that this is simply a great re-shifting. The Wall Street Journal, for example, reported that the reimagining of work dynamics and structures would help employers attract the types of employees that recently quit their jobs to try their hand at something else.
And yet still, other economic experts are calling this nothing but a tight labor market. In the eyes of other experts, the labor market is simply adjusting itself, demanding more pay for the service industry jobs that suffered a blunt blow during the pandemic.
So whatever name you end up giving it, the bottom line is that there are seismic shifts happening in the labor force and that can mean several things for someone looking for a new start or a new job. It means there is competition out there for higher-paying jobs, but it also means that opportunities have opened up in a myriad of places that were not previously thought to have high earning potential.
Who is Forming Part of this Great Job Migration?
According to most data, employees between the ages of 30-45 made part of the greatest number of resignations. Interestingly enough, the highest resignations are in the healthcare and tech industries. A lot of healthcare employees felt their current job role no longer provided the right fit for them.
What Does This Mean For You as a Job Seeker?
Really, it depends. If you are out looking for a job, this might very well mean good news for you, as positions open up in various sectors and industries. Here’s how you can take advantage of this reshifting and restructuring of the economy:
- Consider taking a job that offers you a new challenge: If you’re dissatisfied at work, this might be the time to make the leap into another career. With so many positions opening up, it might mean there are opportunities in a field that you’d like to explore.
- Brush up on ways to improve at work and become competitive: With positions opening up, this might mean that employers look to give promotions or hire within a company for better positions. Show that you’re a committed employee and that you can handle more responsibility.
- Stay motivated during your search: If you’re currently looking for work, remember that it’s an unprecedented time and that employers are having to readjust their demands and work structures.
- Reassess the kind of job you need and want: Now is the moment to really reflect on the kind of job that is right for you. Do you prefer working from home or do you want to be working out with people? Do you want the job flexibility or the job security of a full-time job with benefits?
Ready to Upgrade to a New Opportunity? Find It With Us at Job Connection
Our job is to connect you with job opportunities that will open doors and new ventures in your life. Instead of the Great Resignation, some are calling it the Great Upgrade. This is different for everyone. We help you figure out what positions might work for you based on your needs.
Ready to join the movement and upgrade to something better? Call Job Connection today and take hold of your future.