Will the Great Resignation End in 2023?

Feb 16, 2023 3:34:43 PM

In 2021, Anthony Klotz, a professor at Texas A&M University, used the phrase “great resignation” in an interview describing his prediction of continued mass resignations as a result of uncertainty during the pandemic and strained economic times. Since then, the great resignation has been a central topic of conversation for employers. 

Around 100 million Americans left their jobs for greener pastures from 2021 to the end of 2022. As we move further into 2023, employers wonder if this period of mass exodus is coming to an end. 

Some say the great resignation is coming to an end. 

According to CNBC, Anthony Klotz predicts resignations will plateau in 2023 as the number of jobs available and the supply of workers evens out. Klotz told CNBC Make It, “Resignations and job openings seem to be plateauing, a sign that labor shortages are starting to slowly abate.” Klotz added that the apparent slowing of labor shortages is due to the increasing possibility of a recession. 

Others claim it’s not over yet.

Despite experts such as Klotz claiming a balance is returning to the job market, others are not quite so convinced. For example, a recent article by Fortune highlights how workers are not afraid to leave their jobs for greener pastures, even with a recession looming. On the contrary, employees are reacting to the threat of a looming recession by exploring their options and engaging less in their current roles, a phenomenon known as quiet quitting, another hot phrase coined as part of the great resignation. 

In a recent IDG TECHtalk, Lucas Marion from Computer World suggested that employees will continue to search for new roles as a reaction to employer push-back that removes the job flexibility employees have enjoyed over the past few years. 

Employers should continue to look for ways to encourage employee loyalty in 2023. 

Whether the great resignation is coming to a halt or continues to thrive in 2023, employers should still look for ways to encourage employee loyalty if they want to thwart an increase in attrition. 

Here are a few things employers can do to retain employees through these uncertain times: 

Promote Employee Wellness

Employee wellness has been a hot topic since the onset of the pandemic, with more recent conversations focusing on mental health and burn-out. In 2023, the responsibility for promoting employee wellness continues to fall on the shoulders of employers. Many employers have improved employee loyalty and retention by implementing wellness programs, updating benefit offerings, promoting wellness communication, and other efforts. 

Show Employee Appreciation

Employee appreciation is about improving morale and engagement, leading to greater retention. There are many ways employers can show employees gratitude for their work. Check out our article Top 5 Ways to Show Employees You Appreciate Them for tips on getting started. 

Provide Early Access to Earned Wages

Early access to earned wages, also called earned wage access, is a great way to encourage employee loyalty, especially for hourly workers. Earned wage access allows employers to pay employees daily or weekly at any time and manage complex payouts for tipping and other earnings. Additionally, employees enjoy increased financial security, which helps to increase retention. 

Invest in Employee Training

There is an adage that gets tossed around a lot by employers that goes something like this: 

"What if we invest in training for our employees, and they leave?"

"What if we don't and they stay?"

Employee training and upskilling opportunities are a priority for many job seekers and employees considering a change. In 2022, the demand for upskilling saw a sharp rise, and this trend has not dissipated as the new year comes into full swing. Providing opportunities for learning and growth is, and will continue to be, a great way to encourage employee loyalty. 

Use Efficient Hiring Practices

Inefficient hiring practices can lead to poor recruitment and candidate attrition. By implementing better recruitment and employee onboarding experiences, employers can start on the right foot with new hires and encourage loyalty from the very start. Check out our article 6 Onboarding Tips to Grow Loyalty and Increase Employee Retention for tips on what goes into a great employee onboarding experience. 

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