and leaving their jobs for other pursuits continues to persist. In a report from McKinsey & Co. last week, the consulting firm said a more accurate term for the trend is “The Great Attrition.” And for employers, it is “The Great Renegotiation.”
“It’s the quitting trend that just won’t quit,” the McKinsey authors said in their report. “People are switching jobs and industries, moving from traditional to nontraditional roles, retiring early, or starting their own businesses. They are taking a time-out to tend to their personal lives or embarking on sabbaticals.”
The report went on to note that competition for talent remains fierce. “For certain categories of workers, the barriers to switching employers have dropped dramatically. In the United States alone, there were 11.3 million open jobs at the end of May — up substantially from 9.3 million open jobs in April 2021. Even as employers scramble to fill these positions, the voluntary quit rate is 25 percent higher than pre-pandemic levels.
The firm said at the current and projected pace of hiring, quitting and job creation, “openings likely won’t return to normal levels for some time,” despite the