The Great Resignation is seemingly over. Is that a good thing?
Quit rates, which are back to pre-pandemic levels, could be affected by people’s lack of confidence in the job market; however, concerns over the job market may be unfounded. Job openings rebounded in August, and the labor market does not seem to be cooling despite negative press.
Some people may be staying put in their jobs due to hesitancy about the job market or lack of tempting job openings; however, I think it’s more likely that employees are staying in place thanks to better salaries and more flexible work schedules, with many employers permanently implementing remote or hybrid work schedules since the pandemic. Still, economic instability continues to loom. We aren’t out of the recession woods quite yet. And, with interest rates sky rocketing, job stability may be more of a necessity than a choice.
This isn’t the time for companies to let up on competitive employment offerings. Employers should take this time of retention and stability to plan for tough years ahead when demographics shift and labor shortages are a long-term problem.