The U.S. economy is already starting to recover from the effects of the COVID-19 pandemic. Still, challenges are emerging on the horizon for businesses of all sizes. One of them is “The Great Resignation,” a phenomenon that created a significant shift in the labor market, prompting companies to reevaluate their work models.
To help decision-makers better understand what’s driving the “Great Resignation” wave, this infographic will take you through the latest data and statistics. We’ll dive into the numbers and give insights into what businesses ought to learn from this phenomenon.
But first, we’ll tackle what “The Great Resignation” is and its effects on American companies and the overall economy.
What Is ‘The Great Resignation’ Movement?
“The Great Resignation” or “The Big Quit” is a phenomenon proposed by Professor Anthony Klotz of Texas A&M University as early as May 2021. He predicted that many workers would leave their jobs after the COVID-19 pandemic ends and more people reevaluate their employment choices.
Indeed, record-high resignations took place and continue to happen. The trend resulted in a labor shortage in many parts of the U.S. According to Stateline’s research, in 42 states, there are a record number of job openings but few workers looking for available jobs.
What Are the Overall Effects of ‘The Great Resignation’ Wave?
Businesses of different sizes and industries are currently navigating the effects of “The Great Resignation.” One significant and lingering effect is labor shortage across different sectors with companies scrambling to find workers.
The labor crisis in effect results to soaring wages. Data as of December showed U.S. wages rising 4.2% in the three months through September 2021 compared to the same period in 2020. Market observers noted that it was “the fastest increase” since 1990.
Indeed, “The Great Resignation” is shaking up the status quo and creating trends that have never been seen before. Let’s take a look at more dramatic numbers from the infographics below.
20 Statistics You Should Know About ‘The Great Resignation’ and 5 Key Takeaways From Them
How Offshore Outsourcing Helps Businesses Address ‘The Great Resignation’
Now that you understand “The Great Resignation” and its effects, you may be wondering, “What can I do to keep my business afloat amidst the current worker shortage?”
The answer is simple: Offshoring.
Access to Top Talents at Cost-Effective Rates
“The Great Resignation” wave has created the tightest labor market the U.S. has seen in at least 20 years, with many businesses struggling to find and retain quality employees. And because of the many resignations, existing staffers are burdened with more work, which causes immense stress and burnout, leading to more workers needing to quit.
Thankfully, companies can thrive. By partnering with a reliable BPO provider, you can gain access to top talents from around the globe without breaking the bank. Outsourced workers are highly skilled, and many even specialize in specific industries. The right offshore team can help address the labor shortage and support your existing in-house team, significantly reducing their workload and helping prevent worker burnout.
Flexibility and Scalability Amidst Uncertainty
Imagine that your business is receiving large volumes of workload and increasing client demand. Still, you lack the staff needed to get the job done because of “The Big Quit.”
Having an outsourced team on the dial can be a lifesaver in these cases. Whether you’re looking to expand or downsize your workforce, offshore outsourcing can future-proof your business, providing the flexibility you need to keep your operations running without disruption.
Worried About ‘The Big Quit’? Partner With a Reliable Offshore Outsourcing Provider!
“The Great Resignation” is creating a lot of uncertainty and disruption in the labor market. The good news is that your business can more easily navigate the effects of this post-pandemic phenomenon with the assistance of a professional BPO provider — like SuperStaff!
SuperStaff provides comprehensive outsourcing solutions for businesses of all sizes and industries. Connect with us, and let’s talk about how we can empower your business during these uncertain times!