Unfortunately, the COVID-19 pandemic is far from over; today the US reached a global daily record of one million COVID-19 cases due to the Omicron variant.
Therefore, it is no surprise that its impact on the workplace is showing no signs of dying down. In fact, the Bureau of Labor Statistics (BLS) job openings report found that November had the highest quit rate on record.
In November, 4.5 million Americans quit their jobs, this is up 370,000 from October. The quit rate was 3%, and the main impact was seen in the accommodation and food services, as well as health and social care sectors.
November also saw employees quitting at high rates across three of the four regions measured by BLS.
Hires remained consistent in November at 6.7 million, but the number of job openings fell by 529,000 to 10.6 million. The hardest hit sectors were the same ones affected by high resignation rates.
Ultimately, this makes it clear that the ‘Great Resignation’ is not something we can leave in 2021. It is an ongoing trend that may even be gathering speed.
Stopping the ‘Great Resignation’ in its tracks
It is clear this mass exodus of talent is not just a short-term blip. This means that companies must use the New Year to reset and focus on how to retain and attract talent this year.
Employers also need to show they take employee burnout seriously and will provide good quality mental health support to workers when they need it. Companies also need to offer remote working opportunities, and show they value and trust their workers to be productive no matter the location they work from.
So, will you make it your corporate New Year resolution to treat your employees better?