Great Resignation Banking Workforce

Some business leaders assume the Great Resignation ended months ago, yet new data confirms it’s still going strong, particularly among Millennial and Gen Z workers. The trend is forcing banking leaders to better understand how to hold onto (and attract) financial institution employees.

Some will argue we’re out of the woods of the Great Resignation, which hit toward the end of 2021. Yet, just because the headlines stopped using the term ‘Great Resignation’ as often doesn’t mean it’s over.

In fact, the United States workforce is still living in the thick of it.

“Since 2021, records have been racking up for workers prepared to voluntarily leave their jobs. With 4.3 million people quitting their jobs in May [2022], the number of resignations is still virtually unchanged from last year,” says Fortune.

In fact, the number continued to hover at 4.2 million people quitting their jobs in June 2022, according to the Bureau of Labor Statistics. Many banks and credit unions are still scrambling to attract and retain employees.

As the term ‘Great Resignation’ has retreated from social media and banking conversations, new terms have popped up to replace it. EJ Kritz at ath Power Consulting says the evolving situation should be called the ‘Great Reflection.’ Others, like software company beqom, refer to it as the ‘Great Realignment.’

McKinsey calls it the ‘Great Attrition’ and the ‘Great Renegotiation.’

“What we are seeing is a fundamental mismatch between companies’ demand for talent and the number of workers willing to supply it,” a McKinsey report reads.

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