Jaspreet Singh: Why the Great Resignation Is Over
Written by
Gabriel Vito
Edited by
Cory Dudak
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“It’s important to understand how the job market is transforming so you can win with your career, your income and your wealth,” says Jaspreet Singh, Host of The Minority Mindset Show.
In 2021, the global workforce witnessed the beginning of an unprecedented phenomenon known as “The Great Resignation.” Characterized by a surge in employee turnover and a popular desire for change, this trend caused a shift in the job market that continues to affect employees and business owners to this day. However, as we approach the end of the 2023, data from the Bureau of Labor Statistics shows the rate of job-quitting has fallen to pre-COVID levels, finally marking the end of The Great Resignation.
“The great resignation, by really any measure, is over,” said Nicholas Bloom, Professor of Economics at Stanford University.
How Did We Get Here?
To understand where we are today, let’s start with what has happened over the past few years.
2020 was the year of unemployment. Many Americans claimed to be getting more money from unemployment than they were from their jobs. When pandemic restrictions lessened and people began to transition back to work in 2021, workers searched for new opportunities with potentially better pay, better policies and better lifestyles. This is where we saw the beginning of a massive movement of people quitting their jobs and finding new careers, marking the beginning of The Great Resignation.
The Great Resignation continued into 2022, but transformed into what some experts called, “The Great Renegotiation.” Workers began to negotiate higher wages at their current jobs or new jobs. “There are twice as many jobs on our platform as there were a year ago,” Karin Kimbrough, economist of Linkedin, said in an interview with Planet Money in 2022. “With lots of open jobs, workers have greater power to negotiate a better position.”
Then we saw the transition to “Quiet Quitting” in 2023, wherein the quit rate steadily dropped. Employees were deciding to stay at their current positions but were only putting in just enough effort to keep their jobs without going the extra mile to excel in their positions.
As we enter 2024, jobs are slowly becoming less available, sparking a new chapter in the employment landscape.
What’s Next for The Job Market?
“Now, here we are entering 2024, and you’re starting to see a lot of changes where employers are not able to pay as much” Singh claimed in a recent video, “The Great Resignation is Officially Over,” noting, “they’re cutting back on some of their jobs. They’re cutting back on some of their bonuses. They’re cutting back on some of their salaries.”
Due to rising interest rates from the Federal Reserve to combat inflation, businesses are struggling to pay their employees, and the cost to do business is rising. In response, companies are reevaluating how they hire and retain quality talent to ensure maximum productivity.
Final Note
As The Great Resignation draws to a close, the job market is entering a new phase of adaptation and evolution. Whether you’re an employer or an employee, it’s important to understand how the job market is changing so you can best take care of yourself, and plan your employment future.
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