The 2021-2022 'great resignation' saw record numbers of workers leaving their jobs for better opportunities. Now, a 'great stay' is emerging, with fewer job openings and workers choosing to remain in their current positions. This shift is attributed to employer reluctance to lay off workers after pandemic-era hiring struggles, coupled with the Federal Reserve's interest rate hikes that have cooled business expansion and hiring.
The" great resignation " of 2021 and 2022 saw unprecedented numbers of workers quit their jobs amid ample and better-paying job opportunities. Today, it's the" great stay ."
" of 2021 and 2022 has morphed into what some labor economists call the"great stay," a job market with low levels of hiring, quits and layoffs. Businesses are loath to lay off workers now after struggling to hire and retain workers just a few years ago.But job openings have declined, reducing the number of quits, which is a barometer of worker confidence in being able to find a new gig. This dynamic is largely due to another factor: the U.S. Federal Reserve's campaign between early 2022 and mid-2023 to raise interest rates to tame high inflation, Pollak said.
Job Market Great Resignation Great Stay Hiring Layoffs
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