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The Great Resignation is in full effect, and let’s be honest—it’s not surprising.
The pandemic has fundamentally transformed work dynamics. We’re not just talking about the types of jobs that exist, but also how and when people want to work. For instance, there are around 10 million job openings, yet over 8.4 million individuals are actively looking for work. According to the latest job openings and labor turnover (JOLT) report from the Labor Department, there were 10.4 million job vacancies at the end of August, slightly down from the peak of 10.9 million in July, but still surpassing the previous record of 10.1 million in June.
To put it simply, employers are eager to hire but are struggling to refill positions lost during the pandemic. This is particularly troubling since the recovery in the labor market has been lackluster at best.
Understanding the Gap
So why the gap between job openings and potential employees? It may seem that we’re in a hiring boom, yet “help wanted” signs are everywhere, and business owners are lamenting their staffing shortages.
Let’s not forget, we’re still grappling with the pandemic. While COVID-19 hospitalizations have decreased significantly since January, the Delta variant continues to impact the labor market, posing a risk of renewed business shutdowns.
By the way, if you haven’t gotten vaccinated yet, now’s the time. Those who are unvaccinated are significantly more likely to face severe health issues from the virus.
Ongoing Challenges
Ongoing challenges like childcare shortages are also affecting the workforce. Many schools and daycare services remain closed or can’t operate at full capacity due to ongoing COVID restrictions, leaving many parents unable to work.
Jim Harper, the president of the Federal Reserve Bank of St. Louis, indicated that while jobs are available, many workers are hesitant to take them. High savings rates and stimulus checks have given households a financial buffer, but as these benefits wind down, the push to find work may intensify. Yet, that hasn’t translated into a rush to fill vacant positions.
It appears that many workers are no longer willing to tolerate unsatisfactory job conditions. Reports suggest that employers are puzzled by the reluctance of potential employees to return to jobs characterized by poor working conditions, low pay, and lack of appreciation.
Record Quit Rates
In August 2021, quit rates reached a record high of 2.9%, particularly in industries like leisure and hospitality, which saw a staggering 6.2% quit rate. The healthcare sector also witnessed significant turnover, with over half a million healthcare workers leaving their jobs, further exacerbated by the pressures of the pandemic.
Given the high rates of harassment in food service and the undervaluation of these roles, it’s no wonder that workers are choosing to leave these positions.
What’s the Solution?
What’s the solution? While I’m not a labor expert, perhaps a simple answer might be to improve job conditions. If employers offered living wages, solid healthcare benefits, and better working conditions, they might find it easier to attract and retain employees. If you have the power to influence job creation and conditions, now is the time to reflect on why there’s a shortage of workers.
For more info on navigating such changes in employment and the nuances of the workforce, you can check out this related post on home insemination.
Summary
The Great Resignation highlights a disconnect between available jobs and the workforce willing to take them. Factors such as pandemic-induced changes, childcare issues, and poor job conditions contribute to this trend. Employers might need to reassess how they treat their employees to attract new talent.
Keyphrase: Great Resignation
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