April 9, 2022
Voice of America recently published insight featuring Jay Zagorsky, Senior Lecturer in Markets, Public Policy, and Law, regarding the belief that the U.S is going through a “Great Resignation” period.
Jay explains how data has provided us with a better understanding of the job market, more specifically the fluidity of the labor market. One statistic reveals that 4.4 million people left their jobs in February 2022, but 6.7 million people were also hired. Jay argues that data points like this indicate that many people are seeking new jobs and careers rather than leaving the labor force altogether.
Based on a figure saying that 1/5 workers miss their previous work environment, he hypothesizes that most people are leaving their current roles because of non-financial reasons. He believes that how one is treated and valued will ultimately impact their decision the most.
“People quit because of nonfinancial reasons. People need to feel they’re valued and not being abused and not being disrespected. If people feel valued, if they feel respected, if they feel they’re an important part of an organization, they tend not to quit.”