Friday, October 7, 2022

The ‘Great Resignation’ has gone global – and it’s shaking up the labor market for good

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Millions of workers worldwide have quit their jobs without something else lined up. So, what is the Big Quit, and how will it change our workforce?

Chloe Loh, like many other workers across the world, epitomizes the “Great Resignation.”

“I left my job in December,” Loh told CNBC. “I was looking for a role that offered more growth. I didn’t see that in the role I was in, so I thought I would go look for that elsewhere.”

The term Great Resignation was coined in the United States, describing the tens of millions of Americans who changed jobs or quit working for good during the pandemic.

According to the Organization for Economic Cooperation and Development (OECD) data, other developed economies are experiencing similar trends.

There are about 20 million fewer jobs across the OECD’s 38 member countries than before the pandemic, while 14 million of these countries’ unemployed are not looking for work.

Others, like Chloe, are looking — but holding out for the right opportunity.

“I was talking with friends about it and they said if you have realized you need to leave, but the right job has just not come up yet – you don’t necessarily need to wait for that job to come up to leave. That was a bit of a lightbulb moment for me,” she said.

So how will the Big Quit change our workforce? Watch the video above to learn more.

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