Career Advice, News & Events, Tech

Everything you need to know about the Great Resignation

When one door closes…

words by: Sahar Khraibani
May 27, 2022

Uncertainty and turmoil can have far-reaching consequences for society. In what is known as the Great Resignation, many people are leaving their jobs in search of brighter pastures. The world transformed throughout the pandemic. Shutdowns, quarantines, and restricted access to commodities, services, and jobs were all implemented. Employees in the retail, hospitality, food service, and travel industries were furloughed or laid off in large numbers. Moreover, many individuals across a variety of industries worked from home for extended periods of time, many for the first time in their lives.

 

With the economy and the lives of hundreds of millions of people being thrown into disarray, many people are refocusing on what matters most to them. Employees have rethought their professions and career prospects as a result of this period of introspection and contemplation.

 

So, what is the Great Resignation, and what does it entail? 

During the pandemic, employees in a variety of industries realized they weren’t happy with their work. People quit their jobs because they were unhappy with their work environment, industry, or work-life balance.

 

The term “Great Resignation” was invented by Anthony Klotz. Klotz is a management associate professor at Texas A&M University. In May 2021, Klotz was quoted in a Bloomberg Businessweek piece using the word. In the article, he projected a major flight of employees from careers they no longer wished to pursue, which he dubbed the “Great Resignation.”

 

“The great resignation is coming,” Klotz said in the Bloomberg article. “When there’s uncertainty, people tend to stay put, so there are pent-up resignations that didn’t happen over the past year.”

 

Klotz’s prognosis proved to be correct. The Great Resignation isn’t just a theory; it’s a real economic trend with data from the US Bureau of Labor Statistics to back it up. In April 2021, the bureau recorded the highest-ever number of people quitting their jobs, with 3.99 million Americans doing so.

 

The number of people quitting their jobs continued to rise in the months after, reaching 3.87 million in June and 3.98 million in July. The number of Americans quitting reached a new high of 4.27 million in August 2021.

 

What is the driving force behind the Great Resignation? 

The Great Resignation is a phenomenon that affects a wide range of industries and areas across the United States, however, some have been struck harder than others.

 

Many people are abandoning careers in the leisure, hotel, and food services industries, according to the United States Bureau of Labor Statistics. Another industry where many people have departed is retail. Many workers in various industries had their hours shortened or removed during the peak of the outbreak. Many people also understood how fragile their jobs were and how little job security they had.

 

How the Great Resignation can help you advance your job in tech 

It’s not all doom and gloom, though. Employees may be able to advance their tech careers by taking advantage of the Great Resignation. Many jobs in the tech industry need to be filled up, and firms are concerned about losing employees. Employees can develop their status and careers in a variety of ways as a result of this opportunity:

 

  • Increase your pay through negotiating. This is an opportunity for companies to recognize the value of their employees and to negotiate higher pay.

 

  • Negotiate a promotion with your boss. Employers are increasingly looking for ways to demonstrate their appreciation for their employees, so this is a good time to ask for that raise.

 

  • Make a lateral shift and cross-train. This is an opportunity to gain experience in a variety of work tasks and responsibilities. There’s also the possibility of a lateral job change inside the same company.

 

  • Determine what is most important. The Great Resignation is about determining what matters most and what employees truly desire. Millions of people, including those in the tech industry, are rethinking what they want to accomplish and how they can do it.

 

Here’s more advice on how to make a career shift and stick with it.

 

Photo via Getty Images