Great resignation

20 Jan 2022 Great resignation

Posted at 16:34h in Daily current-affairs by khyati khare 0 Comments

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Recently, after Covid-19, a large number of people are exiting their jobs by adopting the principle of “antiwork”, especially in America and European countries.
According to the US Bureau of Labor Statistics (BLS), a record 4.3 million people resigned in August 2021, an increase of 2,42,000 from July.
American psychologist Anthony Klotz has called this the “Great Resignation” which is a call to reimagine priorities in the work-life equation.

The exits mainly include those in the retail and hospitality sectors who were willing to change jobs or re-evaluate their options.
Many countries in Central and Eastern Europe have registered a decline in the skilled labor force.
However this may be due to a strong social safety net.
Surviving and coping with pandemics and lockdowns is what prompts many to look to a ‘work-free’ life as a viable option.

Problems related to low pay, impractical work deadlines and poor leadership or boss etc. have further fueled the ‘Great Resignation’.
It also means that these workers have market values beyond their current employers and can get much better jobs.
They rely on their experience to get better job opportunities or choose a start-up.
There is also a general apprehension that adequate capital allocation has not been made in capacity building.

No such phenomenon has been observed in India due to absence of social security and unemployment benefits.
The luxury or privilege of exiting jobs was not available to most of the people in India.
However, ‘remote working’ or ‘work from home’ has made possible a flexible work model for corporates and employees.
Due to this people are losing jobs in Tier-II and Tier-III cities. Due to which the local economy of India is changing.
Simultaneously, work from home has triggered a change in the demand structure in the market.
Apart from this people are also changing their jobs in Indian IT and ITeS sectors.
Many start-ups have become unicorns and many are hiring in bulk and are ready to pay a lot.