The Great Resignation

The Great Resignation

April 29, 2022

Last year, the labor market saw nearly 48 million people leave their jobs. This number marks an annual record and hasn’t slowed much during the first months of 2022. For eight straight months, we have seen these numbers exceeding pre-pandemic highs. The US Department of Labor notes a record November with over 4.53 million people quitting their jobs, according to cnbc.com.

The reason for the shift may be because many of us have had to learn how to navigate the world vis-à-vis Covid-19. The pandemic created a period of flux and with the ever-changing state of the world, many workers may have decided it was natural to work less or retire altogether. Weforum.org speculates that many workers are no longer willing to put up with mediocre pay or working conditions that they may have grudgingly accepted pre-pandemic.

Just over half of adults aged 55 and over have exited the workforce and retired. The number is almost at 67% for those between the ages of 65 – 74. These statistics are high considering that it wasn’t that long ago when jobs were hard to find during the “Great Recession” and many people were delaying retirement.

While a lot of Americans have decided to enter retirement, data suggests that many others are not just sitting on the sidelines. In fact, increased resignations have created many open positions within the job market. According to the Labor Department, there were around 11 million job openings in January. With December seeing a record number of available jobs, workers are finding many auspicious opportunities.  

Whether you’re deciding to make a move or reviewing your retirement time horizon, let’s chat. We would love to discuss where you stand and the pros and cons of making changes in the current environment. Call us today at (605)306-3248, to schedule a complimentary, no obligation consultation to see how we can help you. We now offer virtual consultations! Use this link to schedule today: Book Now.