2021 was the year of the “Great Resignation.” We have been told that it was a year when workers quit their jobs at historic rates. This is an economic trend meaning that employees voluntarily resign from their jobs. Blame has been aimed at the American government for failing to provide necessary worker protections in response to the COVID-19 pandemic. This led to wage stagnation. There was also a rising cost of living. The term was coined in May 2021 by Anthony Klotz, a professor of management at Texas A&M University.
It’s now 2022 and unemployment rates have fallen sharply from their pandemic highs. The labor force participation rate – which is the percentage of people in the workforce, or looking for a job – has increased, though not to its pre-pandemic level.
It was thought in 2020 that 2021 with a vaccine would mark the renormalization of the economy, schools, and life in general. But Covid variants wiped out that vision.