After examining the departures of hundreds of employees, Antony Klotz, an associate professor of management at Texas A&M University, created the phrase “The Great Resignation” in an interview with Bloomberg last year.
According to a recent poll published by renowned accounting company KPMG, 46% of chief executive officers (CEO) aim to reduce their staff over the next six months, while 39% have already frozen new recruitment.
For its 2022 CEO Outlook report, KPMG, one of the Big Four firms, surveyed 1,325 CEOs in 11 different nations, including India, the United States, the United Kingdom, Australia, Canada, China, France, Italy, Germany, and Japan.
Asset management, automotive, banking, consumer and retail, energy, infrastructure, insurance, life sciences, manufacturing, technology, and telecommunications were among the 11 industries surveyed, according to the research.
Thirty-nine per cent of CEOs have already enacted a hiring freeze, and 46 per cent of them are considering reducing their personnel over the next six months due to ongoing economic unrest. However, according to the study, the outlook for the next three years is more upbeat, with only 9% anticipating more headcount reductions.
The Great Resignation: What is it?
Associate professor Antony Kolz claimed that many pandemic-related issues, including remote work, commuting, passion projects, etc., have increased the number of resignations.
According to PricewaterhouseCoopers’ Global Workforce Hopes and Fears Survey 2022 research, one in five employers was prepared to change jobs, published on May 24 of this year.
The group of professionals most likely to leave their jobs in search of better opportunities was Gen Z (18 to 25 years old). Millennials (ages 26-41), who made up 23% of the population, were next.
The survey continued that women are less likely than men to be content with their income, ask for a raise or promotion, and feel that their bosses are paying attention to them.
The Great Resignation, according to accounts, occurred as a result of factors like career advancement, changing job roles or industries, dissatisfaction with pay, strategy, or organizational direction.