Is quitting your job the new New Year's Resolution? Maybe, as this bloomberg noted that there were all time high numbers in November for people quitting their jobs.
One of the primary industries fueling this trend was leisure and hospitality - two of the industries hardest hit by lockdowns in 2020 and beyond. Other industries were hit too and this number of resignations expected to put stress on a system already in need of people to fill available jobs. Short term - great time to negotiate for a pay raise if you are a high performer as the competition for your talents may be at an all-time high.
Employers should be ready to think long term to retain talent. But the shortage will also drive wages up as companies have to pay more to retain and attract workers. While short term this will be good for people's checking account balances, long term it will increase cost of goods and services, drive price up and continue to fuel economic inflationary trends.
Lastly, if you can create a new service or product that can help fill a service gap for a company and keep their costs manageable, you should consider exploring it. This could be a GREAT freelancer market for the foreseeable future. Companies may be looking for contract work that helps them save $ on providing benefits, taxes and more. Got a skill? Launch a side hustle and make extra $ while you can - who knows, maybe it will even generate enough for you to become your own boss!