Great resignation

Great resignation

  • 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.

Impact of Covid:

  • 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.

Significance of ‘Great Resignation

  • 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.

India’s position:

  • 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.

yojna ias daily current affairs 20 january 2022

No Comments

Post A Comment