The Great Resignation is so 2021. This year, we should replace that term with a new one, according to LinkedIn Principal Economist, Guy Berger. With millions of Americans quitting their jobs since …
Before we get to the replacement term, a little primer: the report on which economists declare that the number of resignations is at an “all-time record” is called the Job Openings and Labor Turnover Survey . The survey began in 2001 and as such, it captures the past two decades, but not seismic events in the labor force like the Depression and World War II. That said, as the labor market has recovered, millions of workers have quit their jobs voluntarily amid millions job openings.
For example, those who were furloughed or worried about being exposed to a front-line job in leisure and hospitality found that they could land jobs in warehousing and transportation. By doing so, they could lock in higher pay, benefits, and a more consistent schedule. The shift amounted to a massive change in each sector’s workforce, according to the Bureau of Labor Statistics. From February 2020, the pre-COVID peak, through the end of 2021, employment in leisure and hospitality dropped by 1.
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