Record 40 Lakh Americans Resigned From Jobs In 30 Days! What’s Happening?
A media report reveals that more Americans are quitting their jobs than at any other time in at least two decades, further adding more challenges to companies trying to keep up with the economic recovery.
Wall Street General Report
In a Wall Street Journal report on Sunday, Xinhua news agency quoted saying “The wave of resignations marks a sharp turn from the darkest days of the pandemic when many workers craved job security while weathering a national health and economic crisis,”.
The report mentioned that the share of US workers leaving jobs was 2.7 percent in April, as per the data from the Labour Department.
A huge Jump From Past
This looks like a clear jump from 1.6 percent a year earlier to the highest level since at least 2000.
Normally, a high quit rate stings employers with greater turnover costs, and in some cases, business disruptions.
But, this churn typically signals a healthy labor market as individuals gravitate to jobs more suited to their skills, interests and personal lives, as per the labor economists in the report.
Why Would This Happen?
So far, there are many factors affecting job turnover.
Mainly several people are spurning a return to business as predictable, they are preferring the flexibility of remote work or reluctant to be in an office before the virus is vanquished, as per the report.
While others are burned out from extra pandemic workloads and stress.
On the other hand, some are looking for higher pay to make up for a spouse’s job loss or used the past year to reconsider their career path and shift gears, as per the report.
In another development, as compared to April 2021, the IT-software sector in India recorded a 14 percent sequential growth in hiring in May 2021, as per the Naukri JobSpeak report.