Is The Great Resignation Officially Over?

Hiring around the United States fell 4.9% in November from October, and 20.5% from a year earlier, according to LinkedIn’s Workforce Report. 

The drop represents the third straight monthly decline and likely marks the beginning of a “meaningful” slowdown in new placements, says LinkedIn Principal Economist Guy Berger. The technology, information and media sector saw the biggest decline, with hiring down by 14.6% from October. Technology companies like Meta, Zillow, Twitter and, most recently, Amazon have all announced plans to lay off some 10,000 employees in corporate and technology jobs this year. 

Each of the 20 metro areas tracked by LinkedIn also showed slowdowns. For example, Miami, one of the hottest job markets in 2021, has seen a decline in hiring of about 18.4% since the spring. 

“The Great Resignation was a period of rapid employee turnover when people resigned from their jobs at unprecedented levels,” wrote LinkedIn user Michael Collins, CFA. “As the Great Resignation fades, the quit rate is subsiding. This is likely due to a number of factors.”

Collins noted that as the economy has improved, many employers are offering more competitive and attractive compensation packages in order to retain their employees, while workers are feeling more secure in their jobs as job losses have slowed. The job market has also become more competitive, which has prompted employers to offer more stability and better working conditions in order to attract and retain the best talent, he added. 

“Job-hopping has become less desirable than it once was, with potential employers becoming more wary of candidates who have too many short-term stints on their résumés,” Collins wrote. “As the Great Resignation fades, the quit rate is naturally subsiding as job-seekers become more content in their positions, and employers become more confident in their ability to retain their valued employees.”

With fewer people looking to leave their current roles, franchisors may see a slowdown in candidates. However, franchisors have a unique opportunity to appeal to laid-off corporate America employees by outlining the advantages of franchising. 

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How the Latest Layoffs May Result in Increased Opportunities for Franchise Brands and Franchisees

Amazon Joins Long List of Tech Companies Laying Off Employees, Opening Up More Opportunities for Franchisors and Franchisees

How the Great Resignation Will Continue to Fuel Franchise Growth