Why people all around the World are quitting their jobs?

The World is facing a new phenomenon since the pandemic began. During the lockdown, many businesses faced hardships to keep their financial wheels turning due to which a huge number of people lost their jobs.

With the pandemic receding for every vaccine that reaches an arm, the percentage of those who voluntarily left their jobs drastically increased.

According to US Bureau of Labor Statistics data, in August 2021 4.3 million workers quit their jobs, which is 2.9% of the working population in U.S.

The great resignation phenomenon not only affect the employers in USA but it also hit Europe, Australia and Asian region.

Many workers report quitting to pursue a new career path, reflecting how the pandemic created an opportunity for some to either switch fields or start their own ventures after they experienced the uncertainty of their previous jobs.

The great resignation term was first coined in 2019 by a professor of A&M University Anthony Klotz. In an interview he said, “The Great Resignation is coming.”

His prediction turned into a reality when millions of workers in the US left their jobs during the summer and fall of 2021. It looks like that start-ups and freelancing has played a vital role in this phenomenon. During the pandemic, many started their own ventures while others enhanced their skills and started on focusing freelancing.

In 2021, Pakistani startups raised $375 million investment which is two times higher than the last six years of investment combined.