The US media has been reporting lately about a new post-pandemic work phenomenon: The Great Resignation. What’s this, and what does the future hold for work in the traditional sense? The Great Resignation, also known as the Big Quit, is an economic trend in which employees have been resigning from their jobs, beginning in early 2021. The phrase was coined by Anthony Klotz, an organizational psychologist and professor at Texas A&M University, during an interview with Bloomberg last May. The number of American workers quitting their jobs hits record highs in November 2021, with 4.5 million people walking off the job, according to the US Bureau of Labor Statistics.
The reason for the Big QuitAccording to industry experts, the main reason for the Great Resignation is that the global pandemic has enabled workers to rethink their careers, work/life balance, long-term goals, and working conditions. “We were all able to take a step back in the last year and spend more time doing other things and really question the value of what we’re doing at work,” said Klotz. Inc. magazine lists five reasons people are quitting their jobs:
- Toxic culture.
- Job insecurity and reorganization.
- High levels of innovation that is causing burnout.
- Failure to recognize performance.
- Poor response to Covid-19.
The future of workHow will the Great Resignation change work trends? Here are some predictions by industry experts:
- Flexible work arrangements will become the norm, not the exception.
- Remote jobs will become more competitive.
- Accountability will become more critical for diversity, Equity, and Inclusion (D, E &I).
- Digital transformation and hybrid work arrangements will continue to change companies.
- Digitally-native jobs will continue to be expanded.
- Decentralized autonomous organizations (DAOs) will attract more talent.
- Online communities will become a place for career progression and talent sourcing.
- Creator side hustles will continue to transform into full-time occupations fueling the creator economy.