You've heard the term batted about for a while now, but the U.S. is still in the midst of the "Great Resignation," according to economics experts.
"Millions of Americans are quitting their jobs each month, even in the face of high inflation," WalletHub reports. "The incentives available from changing jobs, as well as a desire to get away from careers impacted most by COVID-19, are two big factors driving what's been dubbed the 'Great Resignation.' As a result, new job applicants have a lot of leverage."
Here in the Mountain State, those resignations are happening at a greater pace than in most states. West Virginia is ranked 8th in WalletHub's "2023's States With the Highest Job Resignation Rates."
The resignation rate here during the latest month studies was 3.2%. Over the past 12 months, it has been 3.23%. (Massachusetts has the lowest resignation rates; Kentucky has the highest.)
Part of what is happening, particularly in regions such as Appalachia, is an increase in the number of people simply withdrawing from the workforce. Not everyone is quitting because they believe they can find a better job elsewhere. That's bad news for employers and our economy.
"Decreases have required employers to rethink their processes and question whether they can stay in business," said Wayne Hochwarter, a professor at Florida State University. "Currently, more American companies are closing because of a lack of workers rather than a lack of business … Demand for products and services is way up, and the number of people doing the work is way down. At some point, employees reach a breaking point. Virtually all storefronts and backs of semi-trucks are soliciting help."
And, as Hochwarter points out, that "is not going well."
Most of the experts cited by WalletHub suggest now is the time for employers to "rethink their expectations about work."
And that may indeed happen. But the broader solution will depend on the continued effort by lawmakers to get out of the way of employers, and attract new ones who will provide the kinds of good-paying jobs our workers need. They've made some strides, but clearly there is much more to do.