Age and the Great Resignation
You have probably heard that many people have been voluntarily leaving their jobs in 2021 and 2022, often called “the great resignation.” Much has been made about people deciding that they prefer to work from home and maybe even change where home is, sometimes relocating to lower-cost, slower paced communities during the pandemic. Perhaps people have decided that their work wasn’t fulfilling and they are looking for a permanent change, having been “awakened” by the sudden change thanks to the pandemic.
There is an almost romantic story being told about people “finding themselves” as those looking to hire wring their hands about the lack of labor supply. The data tell another story. As Forbes reported in January 2022:
Fully two-thirds of the folks leaving jobs this past August weren’t actually ‘quitting.’ They were retiring. One million were ‘normal’ retirements, an additional 1.5 million opted for early retirement. That’s a whole different story.