Rewriting the employment contract, courtesy of COVID

As we begin to slowly emerge from the pandemic, some of the contours of what post-pandemic life will be like are starting to come into focus. As employees leave their old roles in droves and employers reconsider how this affects their business operations, a private equity firm, of all things, may be showing us the way forward.

Source: https://www.cnbc.com/2023/02/01/why-2022-was-the-real-year-of-the-great-resignation.html

Unprecedented turmoil in the labor markets

With annual turnover of jobs reaching 30% to 40% of the population, depending on whose statistics you read, it is clear that the post-pandemic employment scene is up for radical change. Over 50 million people quit their jobs in 2022 alone, according to government figures.

It’s clear that returning to the 2019 state of play in the employment markets is highly unlikely. But why are so many people simultaneously deciding that a radical change is right for them?

Time richness, rather than time poverty

The pandemic had the effect of making many people feel time rich. For many, not having to answer to the normal routine created a sense of having far more time than normal. We know from extensive research that feeling you have time leads to a willingness to consider more…