The great resignation was all the rage just a short time ago. It started in the spring of 2021 as a response to the work conditions created by the pandemic. People were feeling overworked and underpaid. This was a big issue in the healthcare industry as nurses and other health professionals were quitting in droves. Talk around this movement has quieted in recent months calling into question if conditions have changed. Below, our healthcare recruiters will look at whether or not the great resignation has come to an end or if it’s ongoing.
Is the great resignation over?
The man who coined the term, the great resignation, is now calling an end to this trend that took the United States by storm. 47 million people quit their job in 2021 and another 50 million did so in 2022 according to the US Bureau of Labor Statistics. However, resignation rates have dropped significantly this year and are back around pre-pandemic levels.
“Looking at the overall resignation numbers, and seeing they’re back to 2019 levels, I think we can say it’s over. It’s not just a simple start-and-stop, of course, but it does seem that we’re at the tail of it,” says Klotz, now a professor of management at University College London’s School of Management, in an article on bbc.com.
Some may argue that it never really started in Canada because we did not see people at the same rate as in the U.S. and other countries. But, we are seeing the same trend, just on a smaller scale here in Canada.
Why the shift away from the great resignation?
The economy is much different today than it was a few short years ago. The cost of living has gone through the roof. People are looking for a consistent paycheck so they can weather the storm as they wait for interest rates and the cost of living to go down. Some can barely afford to pay the bills, let alone quit their job.
Rather than quitting, people are on the lookout for better-paying roles, even if they are in another industry. Some have also stopped quitting because things have improved.
“Work for millions of people has gotten better over the last two years,” he says. “Many jobs are more flexible than they were two years ago, in many jobs pay is much fairer than it was pre-pandemic, and in many cases, benefits have been improved. Companies have taken employee wellbeing more seriously over the last couple of years, and invested much more in making their workplaces more inclusive and diverse.”
Employers heard what people wanted and many organizations have taken big steps to improve employee satisfaction. They increased pay, and benefits, and improved work conditions.
Even so, there are still industries that are struggling to hire and have lost a lot of talent, particularly in healthcare, construction, and manufacturing. In general, you can say the great resignation is over, for most industries.
Read More From Our Healthcare Recruiters
The Great Resignation: What Is It & 2 Ways to Take Advantage of It
What to Do When an Employee Resigns: A Resignation Period Checklist
Want to Know Why Your Best People Quit? 4 of the Most Likely Reasons
IQ PARTNERS is an Executive Search & Recruitment firm supporting clients across Canada and internationally. We help companies hire better, hire less & retain more. We have specialist teams of recruiters in Executive Search / Board & C-Suite, Technology, Media, Digital & Marketing, Accounting & Finance, Financial Services & Insurance, Startup, Data Science, Consumer, eCommerce & Retail, HR, Manufacturing, Supply Chain & Engineering, Construction & Engineering, Legal & Professional Services, Pharmaceutical & Life Sciences, and Sales. Click here to view current job openings and to register with us.
