10 WASHINGTON UPDATE American workers are quitting their jobs in record numbers – leading economists and pundits to dub the period we’re currently living through “The Great Resignation.” According to the Society for Human Resource Management, employees exited their jobs in record numbers over the 10 months between March and December 2021, and the Federal Reserve continues to report ongoing labor shortages nationwide. As of February, there were 11.3 million job openings in the U.S., according to the Labor Department. For many workers, the pandemic prompted the desire to change jobs or careers — a massive period of upheaval that led them to rethink what they wanted and needed in terms of work/life balance, job satisfaction, benefits, and more. But that’s left employers scrambling to fill multiple vacancies and shone an exceptionally bright spotlight on the need to have a strategy in place for recruitment, retention and talent management. The Great Resignation is affecting businesses of all sizes across all industries — and the banking industry is certainly no exception. While some of you may be feeling uneasy about the state of your own workforce, I submit that this is actually a time of great opportunity — because while a lot of people are leaving their jobs, it’s a signal that many talented employees are also looking for jobs and are open to career changes. That’s an opportunity that our industry can’t afford to miss. To help more talented and diverse individuals find their future in banking, ABA is partnering with more than 30 state Rethinking By Rob Nichols, President & CEO, American Bankers Association “The Great Resignation”
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