A record 4.3 million U.S. workers quit their jobs in August, contributing to 10.4 million Job openings1 — an ongoing trend being referred to as the “Great Resignation.”2 Across every industry, employers are finding it difficult to retain their staff and fill open positions.
Looking into the numbers a little closer, the resignation rate for total nonfarm jobs hit a 20-year high of 2.9% this year.3 The highest quits rate increase was among 30- to 45-year-old workers with a 20% climb from 2020 to 2021.4 When broken down by industry, resignations were highest in the tech (4.5% increase) and healthcare (3.6% increase) industries during the same timeframe.5
The Great Resignation has significantly shifted the hiring market. While employers used to have more time to evaluate candidates, now they risk losing out on top talent to a competitor if they take more than 24 hours to make an offer. Also, some employers are offering skilled professionals attractive signing bonuses, better pay, and lucrative bonuses to leave their current job to work for them. This trend isn’t just with contract or temporary jobs, either — it’s also prevalent with permanent roles.
