Amid all the headlines about millions of workers quitting their jobs during the Great Resignation, it is easy to miss the signal in the noise.
Yes, a record 47.4 million Americans quit their jobs last year—more than a quarter of the total workforce. And, yes, the understandable first response from employers has been to throw money at the problem in the form of higher compensation. To many, this is merely the supply and demand dynamic of a temporarily tight labor market created by a rapidly recovering economy.
But all the noise surrounding the Great Resignation tends to drown out the vastly more instructive signal that workers are sending. What employers perceive as the Great Resignation is viewed by workers as the Great Transition.
People of varying backgrounds, places and circumstances are looking for something different than what they have now. Those who are quitting are finding new jobs they perceive as more attractive. This Great Transition is a key attribute of a new dynamic, an environment shaped by constant and rapid change, where there will never be a new normal.
Here is why: Not only are workers more valuable today, as indicated by rising wages, they are going to be even more valuable tomorrow. Far from being a temporary condition, the labor shortage is likely to be long term. According to a July 2021 forecast from the Congressional Budget Office, the American workforce will grow by just 4% during the entire 2020s. That is just half the growth rate of the 2000s...
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