Is the Great Resignation the Canary in the Coal Mine?
According to the United States Bureau of Labor Statistics, 4.5 million Americans quit their job in the month of November. The largest “quits” rates were in the accommodation and food services, health care and social assistance and transportation sectors. To add more context, there were approximately 10.6 million job openings as of Nov. 30 compared to the seven million Americans currently seeking employment.
The exodus is especially high in tourism, hospitality, restaurants and other low wage paying sectors. Economic planners and analyst shift some blame towards the pandemic for the labor market turmoil with people embracing the opportunity to do something different. Regardless of the variables there are serious concerns looming over business leaders and economic development organizations across the country.
The quit rate coincides with a dramatic surge in applications for new businesses since the COVID-19 pandemic began, mostly for sole-proprietor ventures.
What does this mean for the future of work? Is this a deeper shift in new cultural norms?
What types of collaboration, business services, access to resources and support will this burgeoning segment of the population need to succeed?
The Be Your Own Boss move has now become an Independence movement. Corporate executives, service workers, retirees and creators are leading this rush to freedom and the opportunity for greater financial success.
At Genesis Block our vision is to be at this nexus where entrepreneur training and development meet the market. The workforce and workplace of the future is complex and changing. The workplace is no longer a place at all, but rather the ability to work from anywhere and have the tools of choice for creativity.
We create collaborative environments that give community stakeholders the ability to work together in creating entrepreneurship opportunities that empower communities.We believe lowering barriers to entrepreneurship opportunities is essential in order to create stronger communities, close gaps in disparities and provide pathways for economic prosperity.
Read here how innovation corridors can help democratize entrepreneurship.
Follow our insights on inclusive entrepreneurship, minority business enterprises, workspaces, flexible housing and the future of work.