'The Great Resignation': Employers Suffer Worker Shortage As Record Numbers Of People Quit Their Jobs

Thursday, October 14th 2021, 8:03 am
By: CBS News

Employers are suffering through a worker shortage. One reason why is a record number of people are quitting their jobs. It's being called "the great resignation."

Dawn Werner quit her job of 20 years in finance this summer. "I want to wake up every day with that natural, I call it childlike wonder," she says. Werner decided to change careers completely and work for an airline in consumer insight. "The pandemic may have influenced it in that I think it changed my mindset," Werner explains.

The U.S. Labor Department says a record 4.3 million Americans quit jobs in August. That's the highest number ever recorded. CBS News business analyst Jill Schlesinger told CBS Mornings the pandemic led many people to rethink their careers. "There are those folks who are basically saying 'I learned a lot about myself, my family, I want a better work-life balance, I got to figure out how to do that.' What's really clear to me is this will persist, and it is something that is staying in this labor force," she says.

Experts say workers who are thinking about leaving their current jobs should plan ahead. That includes a plan for healthcare coverage changes, figuring out how to reinvest any retirement accounts, and saving enough for an emergency reserve. "If you're considering leaving, stockpile some cash. And the reason is, you don't know how long you are going to be out of the marketplace," says Schlesinger.

Schlesinger says people who want to switch careers have some great opportunities. There are more than 10 million job openings, and many employers are offering great pay and benefits to attract workers.