We need to stop the ‘Great Resignation’ becoming a national jobs crisis
A year ago my greatest fear for the economy was that coming out of Covid unemployment would rise to Depression-era levels. We now know that, thanks in no small part to the speed and scale of the furlough programme, unemployment is broadly back to pre- pandemic levels.?
Instead, we have a different, seismic problem. More than a million people have exited the labour market. That’s a million people who are no longer in a job or looking for one. Economic inactivity rates have been on a long downward path for some time now. They have risen from 20.4% in March 2020 to 21.2% in December 2021. The people who have quit are mostly, but not exclusively, aged 50 and older. The inactivity rate for this age group has jumped from 25.4 to 26.9%. There are whole sectors including hospitality and retail that were once major sources of employment which are now being shunned by former jobseekers.?
领英推荐
The phenomenon is sometimes referred to as the ‘Great Resignation’. It is perhaps better described as the ‘Great Life Reappraisal’ because the pandemic has led many people to reassess that there are more important things in life than work. Especially those lucky enough to have built up their savings over the past two years, who now find themselves with more financial options. Of course there are exceptions, but broadly if this trend is not reversed expect profound implications for wages, which will be higher, and productivity which will be lower. There will also be fewer taxpayers to pay for growing public services.?
It is staggering to me there is so little public discussion around an issue of such importance. It is an issue that the Government and the business community have a shared, and urgent, interest to act. Work needs to be more fulfilling. Flexible retirement needs to be easier. Skills and training need to be easier to access especially for older workers.?In this regard, there is a clear case to reform the apprenticeship levy that many industry leaders agree is not fit for purpose.
In the John Lewis Partnership, we are trying to play our part. We run 26 apprenticeship programmes, and almost 1,000 of our 80,000 Partners (our employees) are currently on a scheme. But we can't do this alone. We need a collective effort to stop the temporary ‘Great Life Reappraisal’ turning into a permanent jobs crisis.?
Craft ManagementPractitioner in Massage for Autism, SEND and Mental Health.Qualified December 2023Reiki Master - Holistic management of Humans, Pets, and Farm animals.
3 年Better management stops the Great Resignation.
Established professional - track record for achieving consistently high standards of customer service. Highly organised and adaptable. A “people person”.
3 年Businesses should be looking at what has caused this “great resignation”? Until this is addressed, the trend is likely to continue
JOA International Ltd.
3 年We Joa International are the garments trading and Production Company from Bangladesh. If you have any opportunity to start business with us please feel free to contact me. E-mail: [email protected]
Director, Research and Communications @ Fullbrook Strategies
3 年This is so important. Too many companies ticking HR boxes and not really thinking about office cultures and people friendly environments. Credit to John Lewis & Partners for looking at practical steps and real solutions rather than mere rhetoric and platitudes!
CEO Flotta Consulting Ltd and Fintech & Payments Consulting Ltd | FinTech Innovation | Mentor, Ambassador, Conference Speaker & Chair, Moderator, Strategic Advisor, NED | owner #fintechfriday?
3 年Never knowingly undersold. As was. JLP has been super slow to change its operating and customer service model - especially online v instore. Perhaps the addition of a former government economist at the helm will help bring some balance. I only hope JLP doesn’t become the next M&S, who have been in the retail wilderness for more than two decades.