The U.S. economy is already starting to recover from the effects of the COVID-19 pandemic. Still, challenges are emerging on the horizon for businesses of all sizes. One of them is “The Great Resignation,” a phenomenon that created a significant shift in the labor market, prompting companies to reevaluate their work models.

To help decision-makers better understand what’s driving the “Great Resignation” wave, this infographic will take you through the latest data and statistics. We’ll dive into the numbers and give insights into what businesses ought to learn from this phenomenon. 

But first, we’ll tackle what “The Great Resignation” is and its effects on American companies and the overall economy.

What Is ‘The Great Resignation’ Movement?

“The Great Resignation” or “The Big Quit” is a phenomenon proposed by Professor Anthony Klotz of Texas A&M University as early as May 2021. He predicted that many workers would leave their jobs after the COVID-19 pandemic ends and more people reevaluate their employment choices.

Indeed, record-high resignations took place and continue to happen. The trend resulted in a labor shortage in many parts of the U.S. According to Stateline’s research, in 42 states, there are a record number of job openings but few workers looking for available jobs.

What Are the Overall Effects of ‘The Great Resignation’ Wave?

Businesses of different sizes and industries are currently navigating the effects of “The Great Resignation.” One significant and lingering effect is labor shortage across different sectors with companies scrambling to find workers. 

The labor crisis in effect results to soaring wages. Data as of December showed U.S. wages rising 4.2% in the three months through September 2021 compared to the same period in 2020. Market observers noted that it was “the fastest increase” since 1990. 

Indeed, “The Great Resignation” is shaking up the status quo and creating trends that have never been seen before. Let’s take a look at more dramatic numbers from the infographics below.