In an Uncertain Job Market, How Can Companies Retain Workers?
13 Feb 2023
Reports of layoffs have cast a shadow over the recent surge in quitting. Tech behemoths like Amazon and Meta and, most recently, Dell and Microsoft have led the way in cutting jobs, along with companies like BlackRock and Goldman Sachs; layoffs are planned at McDonald’s, as well.
In absolute terms, resignations still far outnumber reductions — people are quitting at three times the rate of layoffs, said Anthony Klotz, an associate professor of organizational behavior at the University College London’s School of Management. (He coined the term the Great Resignation.) Indeed, the U.S. Labor Department’s January jobs report said employers had added over 500,000 jobs, exceeding expectations and bringing the unemployment rate down to 3.4 percent, the lowest since 1969.