By Jamieson Lee Hill, Head of Copywriting and Content

Your Business Group experienced a large increase in the number of enquiries with an unprecedented number of people resigning from their jobs in 2021 and 2022. This was named ‘The Great Resignation’ across the world. By July 2023 that wave of resignations and turbulence in the labour market seems to have returned to pre-pandemic levels. Let's explore more about we learned from it.

The End of the Great Resignation

It represented how large numbers of people, especially in low paid jobs, became fed up with their pay and working conditions during and post-pandemic. As a result many quit their jobs seeking better opportunities. This created a supply problem for labour and many companies had to offer attractive salaries and perks to recruit new workers. By July 2023, it seems that the wave of resignations is finally over,

"But the “great resignation,” as it came to be known, appears to be ending. The rate at which workers voluntarily quit their jobs has fallen sharply in recent months — though it edged up in May — and is only modestly above where it was before the pandemic disrupted the U.S. labor market. In some industries where turnover was highest, like hospitality and retail businesses, quitting has fallen back to prepandemic levels."

Source: New York Times, July 6, 2023

Millennials Sought To Leave the Rat Race

Since the first lockdowns in early 2020, YBG's sister company Love My Businesses saw a 25% upsurge in enquiries from people looking to leave their jobs and start online businesses. This was particularly from people in the 25 to 34 age bracket who fell into the millennial category. 

More to Life

Founder of YBG, Jey Jeynathan, explained why he thought this trend occurred,

“During the lockdowns, a lot of people reevaluated their life and work situations. I think people realised they didn’t want to spend their lives working hard to make someone else rich.”

Digital Savvy Generation

Equally, Jey also identified a growing trend among the millennial generation to start their own business, 

“Many younger people are tech savvy and with the massive increase in digital business due to covid, they realise the potential in running their own online business as e-commerce and other fields boom.”

Record Numbers Quit 

This trend was worldwide with a Microsoft survey showing that 41% were thinking of quitting or changing their professions in January 2022. In March 2022 figures revealed that  4.3 million people quit their jobs in January in the USA. In 2021, a record number of almost 48 million people quit their jobs in the USA. This trend was dubbed the ‘Great Resignation.’ In the UK a survey conducted suggested that a third of staff thought about changing their jobs in 2022. In Australia one in five people quit their jobs in 2021. 

More Reasons for Quitting

Founder of YBG, Jey, speculated about other reasons for staff giving up, ‘people are disgruntled with their job, boss, reliance on a salary (or salary-slave as I called it) and a risk of redundancy.’

A New Found Freedom

Jey left the rat race years ago and ‘decided to create a central resource of tried and tested internet business models to help others wanting to go on the same journey.’

“The biggest change would be time-freedom. I would class this above financial freedom. I am free to conduct each day as I see fit. I don't have a boss chasing me, or expecting me in the office.”

Jey’s advice for aspiring entrepreneurs is ‘Go for it. You will never look back.’ 

Running Your Own Business

Now that the Great Resignation finally seems to be over, employers find it is a much more stable market. It is a less advantageous situation for employees with wage growth slowing down and supply levels of labour improving,

"Already, the pendulum may be swinging back toward employers. Wage growth has slowed, especially in the low-paying service jobs where it surged as turnover peaked in late 2021 and early 2022. Employers, though still complaining of labor shortages, report that it has gotten easier to hire and retain workers"

Source: New York Times, July 6, 2023

If you are fed up with your job and want to experience time and money freedom, fill out the contact form below. Running your own online business could be the new life that you need in 2023!