Among the most widely discussed economic phenomena in our post-pandemic world is the so-called “Great Resignation,” a phrase used to describe what seems on the surface to be unusually high numbers of people leaving their jobs after the arrival of COVID-19.
It goes without saying that the toll the pandemic has taken on the health and well-being of our country’s workforce has been profound, and there is no doubt it has been a contributor to the behavioral changes. Individuals who are experiencing burnout or stress are more likely to quit a job and look for one that is a better fit for their personal needs and lifestyle, and there have certainly been instances of people deciding to retire early, start a business, or otherwise leave the traditional workforce.
Even so, most individuals who quit do so to change jobs, and economists typically see this as a positive sign because it means workers are finding better positions. In 2021, a record 47.8 million Americans voluntarily quit their jobs (excluding people who retired or transferred to a different location or role within a company).
