Post-COVID-19 Economic Recovery Could Mean Employers Will Soon Face a Resignation Boom

Staff turnover or “churn” rates vary by industry, but every organization can expect at least 10% of their staff to quit annually; it’s a natural part of running a business. But 2020 was different. As the economic shock of COVID-19 reverberated into the labor market, unemployment rocketed to near-record highs as companies responding with mass layoffs and hiring freezes. This created a situation in which people who would have resigned under normal circumstances decided not to take the risk. Instead, they stayed in their jobs (even if they were unhappy), and waited for the labor market to slowly recover. According to the Bureau of Labor Statistics, that moment may be approaching fast. Companies are hiring again, job openings are rising, and those reluctant employees may finally have confidence in their ability to quickly find another job.