The 'great resignation' is the term coined to describe the trend for people to reassess their working lives following the Covid crisis.
For context, more than 24 million Americans quit their jobs between April and September last year.
And there’s a similar trend in Britain, with economic inactivity – people who are not in work and not looking for it – up by more than 400,000 and more than 400,000 Britons switching jobs in Q3 2021.
But, according to one of Wall Street’s top bankers, James Gorman, Chairman and Chief Executive of Morgan Stanley, a slowing economic recovery could spell the end of the ‘great resignation’.
“At the end of the day, people have to work somewhere. I think if the economy turns down a little bit, you’ll see much less job mobility than we’ve seen in the last 12 months”, said Gorman.
Gorman helped lead the charge on Wall Street for bankers to return to their desks and the other day said that people should work in offices, rather than at home, to be around “other human beings” and learn from “how they deal with sensitivities you can’t get from a screen”.
“I’ve told our employees…if you think you’re going to come in zero, one or two days a week, we are not that place. It’s three of four days.
“That enables you to develop and grow and all the emotional intelligence and body language you get from being around others that you can’t get from Zoom.
“But we will never go back to what we were pre-Covid, It will never be standard five, sometimes six days a week. That’s gone.”