The post-COVID world is in the midst of an economic trend that has been termed “The Great Resignation” by University College London’s School of Management professor, Anthony Klotz. Employees all around the world are reportedly resigning from their jobs in a bid to secure higher pay, job security, or avail of better hybrid-working opportunities.

It is believed that resignations are on the rise when the economy is stable and there are chances of securing a better-paying job. A study by the Economic Policy Institute called the Job Openings and Labor Turnover Survey (JOLTS) shows that job openings “are significantly higher than pre-pandemic”:

Another global survey conducted by PricewaterhouseCoopers, entitled Global Workforce Hopes and Fears Survey 2022, suggests that 20% of all workers around the world are set to quit their jobs this year, with a pay rise being the numero uno reason for doing the same. A flexible working model is also high on the list of workers’ desires. The study also suggests that people who have skills that are “scarce” “are ready to test the market”.

Also Read| Tata Motors buys Ford’s Sanand plant for Rs 725 crore

However, some others are of the opinion that this trend cannot be termed the Great Resignation since the number of workers in the market has not taken a fall. Arindrajit Dube, an economics professor at the University of Massachusetts Amherst, says that the trend should be termed the Great Reshuffle instead. This is because all the workers who are quitting are not venturing out of the job market, but are instead opting for jobs with better compensation/perks.

Dube’s opinion was also echoed by Australian treasurer Josh Frydenberg in a speech he gave to the Australian Industry Group. Frydenberg, in his speech, said, “Treasury analysis shows that over one million workers started new jobs in the three months to November 2021. The rate at which people are taking up new jobs is now almost 10% higher than the pre-COVID average”.

Interestingly, China is also seeing a variant of this trend right now, in a social movement that has been termed Tang Ping, which literally translates to “lying flat”. In this movement, which began in China in April 2021, people are seemingly unwilling to participate in a rat race, and are instead content with lower desires for economic prosperity.