{"id":23600,"date":"2023-06-20T09:48:57","date_gmt":"2023-06-20T13:48:57","guid":{"rendered":"https:\/\/www.wellable.co\/blog\/?p=23600"},"modified":"2023-06-20T09:48:59","modified_gmt":"2023-06-20T13:48:59","slug":"great-resignation-is-over","status":"publish","type":"post","link":"https:\/\/www.wellable.co\/blog\/great-resignation-is-over\/","title":{"rendered":"Shifting Dynamics: The End Of The Great Resignation"},"content":{"rendered":"\n<p>Between 2021 and 2022, a staggering 50 million workers quit their jobs to pursue better opportunities and higher pay, a phenomenon dubbed as the <a href=\"https:\/\/www.wellable.co\/blog\/is-the-great-resignation-just-a-great-reshuffle\/\" target=\"_blank\" rel=\"noreferrer noopener\">Great Resignation<\/a>. However, the <a href=\"https:\/\/www.wellable.co\/blog\/why-employees-quit-and-how-to-keep-them\/\" target=\"_blank\" rel=\"noreferrer noopener\">record-high quit rate<\/a> has steadily declined, converging once again with the pre-pandemic average.&nbsp;&nbsp;<\/p>\n\n\n\n<p>It seems like the \u201cBig Quit\u201d is turning into the \u201cBig Stay\u201d in 2023.&nbsp;<\/p>\n\n\n<div style=\"border: 1px solid rgb(0 0 0 \/ 0.1); padding: 25px 25px 10px; border-radius: 8px; box-shadow: 0 4px 6px -1px rgb(0 0 0 \/ 0.1), 0 2px 4px -2px rgb(0 0 0 \/ 0.1);\">\n<h3 id=\"h-pressed-for-time-here-s-a-quick-summary\" class=\"wp-block-heading nitoc\">Pressed for time? Here\u2019s a quick summary\u2026<\/h3>\n<ul>\n<li><span class=\"TextRun SCXW148514061 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW148514061 BCX0\">The labor market is returning to normal after the Great Resignation, and the power has shifted from employees to employers.<\/span><\/span><\/li>\n<li><span class=\"TextRun SCXW237843862 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW237843862 BCX0\">Job openings <\/span><span class=\"NormalTextRun SCXW237843862 BCX0\">remain<\/span><span class=\"NormalTextRun SCXW237843862 BCX0\"> above pre-pandemic levels, <\/span><span class=\"NormalTextRun SCXW237843862 BCX0\">indicating<\/span><span class=\"NormalTextRun SCXW237843862 BCX0\"> ongoing employer demand. <\/span><span class=\"NormalTextRun SCXW237843862 BCX0\">However, <\/span><span class=\"NormalTextRun SCXW237843862 BCX0\">a downward trend <\/span><span class=\"NormalTextRun SCXW237843862 BCX0\">may occur <\/span><span class=\"NormalTextRun SCXW237843862 BCX0\">as the economy normalizes.<\/span><\/span><\/li>\n<li>\n<div><span class=\"TextRun SCXW240979505 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW240979505 BCX0\">Companies are <\/span><span class=\"NormalTextRun SCXW240979505 BCX0\">making <\/span><span class=\"NormalTextRun SCXW240979505 BCX0\">strides <\/span><span class=\"NormalTextRun SCXW240979505 BCX0\">wi<\/span><span class=\"NormalTextRun SCXW240979505 BCX0\">th <\/span><span class=\"NormalTextRun SCXW240979505 BCX0\">employee retention, with a decrease in <\/span><span class=\"NormalTextRun SCXW240979505 BCX0\">voluntary <\/span><span class=\"NormalTextRun SCXW240979505 BCX0\">turnover<\/span> <span class=\"NormalTextRun SCXW240979505 BCX0\">compared to the <\/span><span class=\"NormalTextRun SCXW240979505 BCX0\">previous<\/span><span class=\"NormalTextRun SCXW240979505 BCX0\"> period.<\/span><\/span><\/div>\n<\/li>\n<li><span class=\"TextRun SCXW95320778 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW95320778 BCX0\">The rate of pay growth for job switchers has slowed down, particularly in the leisure and hospitality industry.<\/span><\/span><\/li>\n<\/ul>\n<\/div>\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-rise-fall-of-the-great-resignation\">The Rise &amp; Fall Of The Great Resignation<\/h2>\n\n\n\n<p>The circumstances of the pandemic, including the rise of remote work and the shift in public sentiment supporting workers&#8217; rights, gave workers unparalleled leverage. Factors such as economic reopening<s>,<\/s> and a tight labor market further prompted them to <a href=\"https:\/\/www.wellable.co\/blog\/in-search-of-greener-pastures-workers-look-for-better-jobs-and-better-lives-in-a-post-pandemic-world\/\" target=\"_blank\" rel=\"noreferrer noopener\">quit in search of greener pastures<\/a>. Employers scrambled to fill the gaps, raising wages at the fastest pace in decades to compete for scarce talent.&nbsp;<\/p>\n\n\n\n<p>The quit rate dropped to <a href=\"https:\/\/www.cnbc.com\/2023\/05\/31\/great-resignation-trend-defining-pandemic-era-labor-market-seems-over.html\" target=\"_blank\" rel=\"noreferrer noopener\">2.4% this April, down from a 3% peak<\/a> at the same time last year. It\u2019s now comparable with the monthly pre-pandemic average in 2019.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/06\/The-Rise-Fall-Of-The-Great-Resignation.png\" alt=\"\" class=\"wp-image-23602\" width=\"616\" height=\"392\" srcset=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/06\/The-Rise-Fall-Of-The-Great-Resignation.png 1003w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/06\/The-Rise-Fall-Of-The-Great-Resignation-300x191.png 300w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/06\/The-Rise-Fall-Of-The-Great-Resignation-768x490.png 768w\" sizes=\"(max-width: 616px) 100vw, 616px\" \/><\/figure><\/div>\n\n\n<p>As the job market gradually cools, a shift in labor dynamics emerges. Staffing shortages are easing, indicating a more balanced supply of workers. Employees are adopting a more cautious stance toward the job outlook as the balance of power transitions back to employers.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-labor-market-update-current-state-outlook\">Labor Market Update: Current State &amp; Outlook<\/h2>\n\n\n\n<p>As the Great Resignation fades into the past, the current landscape of the labor market brings forth new implications for both job seekers and employers.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/06\/59909-1024x745.jpg\" alt=\"Labor Market Update: Current State &amp; Outlook\" class=\"wp-image-23603\" width=\"476\" height=\"347\" srcset=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/06\/59909-1024x745.jpg 1024w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/06\/59909-300x218.jpg 300w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/06\/59909-768x558.jpg 768w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/06\/59909-1536x1117.jpg 1536w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/06\/59909-2048x1489.jpg 2048w\" sizes=\"(max-width: 476px) 100vw, 476px\" \/><\/figure><\/div>\n\n\n<h3 class=\"wp-block-heading\" id=\"h-job-opportunities\">Job Opportunities<\/h3>\n\n\n\n<p>March witnessed a <a href=\"https:\/\/www.adpri.org\/mainstreet-macro-the-big-quit-is-over-here-comes-the-big-stay\/\" target=\"_blank\" rel=\"noreferrer noopener\">20% decline in US job openings<\/a> compared to the previous year&#8217;s peak of over 12 million job postings. However, the 9.6 million openings recorded in March still surpassed pre-pandemic levels. Notably, <a href=\"https:\/\/www.cnbc.com\/2023\/05\/31\/great-resignation-trend-defining-pandemic-era-labor-market-seems-over.html\" target=\"_blank\" rel=\"noreferrer noopener\">job openings rebounded to 10.1 million<\/a> in April, signifying an ongoing employer demand.&nbsp;<\/p>\n\n\n\n<p>A downward trend in job opportunities may occur as the economy gradually returns to normalcy. While conditions for job seekers may not be as favorable as during the height of the Great Resignation, there are still opportunities to be found.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-labor-force-participation\">Labor Force Participation<\/h3>\n\n\n\n<p>Companies are witnessing improved <a href=\"https:\/\/www.wellable.co\/blog\/employee-retention-strategies\/\" target=\"_blank\" rel=\"noreferrer noopener\">employee retention<\/a>. In the first three months of 2023, voluntary turnover decreased by 5% compared with last year.&nbsp;<\/p>\n\n\n\n<p>People are steadily rejoining the job market. Labor-force participation among workers aged 25 to 54 has risen beyond pre-pandemic levels. While participation for workers aged 55 and older and 25 and younger still lingers below pandemic levels, there has been a gradual upward trend overall.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-pay-growth\">Pay Growth<\/h3>\n\n\n\n<p>As job opportunities increase, so does the prospect of better pay. During the Great Resignation, workers experienced significant year-over-year pay increases when switching jobs, reaching a peak of <a href=\"https:\/\/payinsights.adp.com\/?_ga=2.250339717.208551630.1686675212-436648842.1683827645\" target=\"_blank\" rel=\"noreferrer noopener\">16.4% in June 2022<\/a>.&nbsp;<\/p>\n\n\n\n<p>However, the pay gains for job switchers has since slowed down. A looser labor market has reduced the urgency for employers to hire and decreased the likelihood of significant pay raises. In April of this year, the rate of pay growth for workers who switched jobs was 13.2%, marking the slowest pace of growth since November 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Great Resignation is over. Explore the current state of job opportunities, labor force participation, and pay growth as the labor market finally takes a breather. <\/p>\n","protected":false},"author":1,"featured_media":23606,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17],"tags":[],"class_list":["post-23600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-future-of-work"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.6 (Yoast SEO v24.8.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Shifting Dynamics: The End Of The Great Resignation | Wellable<\/title>\n<meta name=\"description\" content=\"The Great Resignation is over. 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