If you think #thegreatresignation is related to Covid or the current skills shortage, think again. This graph from the Bureau of Labor Statistics clearly shows that, with the exception of 2020, people have been changing jobs in increasing numbers since 2009. While this is a US stat, I believe the trend is definitely global.
I’ve often said that Covid accelerated other workforce trends that had been building for years. I think what we see with this graph is the result of two long-term trends coming together.
First, we’ve known since at least 1997 when McKinsey & Company wrote their now iconic report “The War for Talent” that a skills shortage and skills mismatch was on the horizon.
Second, due in part to this coming skills shortage, along with generational differences, social justice reckoning, and to a lesser extent #metoo the workforce has become more empowered and more likely to change roles.
Employee retention is critical – and clearly getting harder.
I’d love to hear your thoughts.