Lecture Notes: The Great Resignation and Job Quitting Trends

Introduction

• Recent article by Squarespace CEO suggests Gen Z should work for free and long hours.
• Contrasts with past norms: never work for free if you're good at something.
• Discussion on the massive wave of resignations:
  • 2021: 47 million people quit jobs.
  • 2022: Year of the Great Resignation, over 50 million quits.
  • 2023: Quiet quitting trend, including CEOs.
  • 2024: Predicted as Great Resignation 2.0 with high Gen Z and Millennial quits.

Key Questions

• Why have many people quit their jobs recently?
• Examination of outdated labor laws from the 1940s.
• Discussion on the relevance of the 40-hour work week.

Inspirational Story

• MIT neurosurgeon quits high-paying job after realizing surgeries often don't help.
• Discovery of lifestyle factors in patient recovery:
  • Plant-based diet, exercise, social support, stress management.
• Critique of the healthcare system's financial incentives.

Job Quitting Statistics

• Rising desire to quit jobs:
  • 46% of surveyed employees want to quit.
  • Reasons include low pay, lack of advancement, and inflexible work.

Historical Context

• Examination of labor laws and economic conditions since 1940:
  • Fair Labor Standards Act, technological advancements.
  • Productivity vs. wage growth discrepancy starting in the 1970s.
• Factors affecting wage stagnation:
  • Taft-Hartley Act, investment tax credit, trade policies, inflation, deregulation.
  • Globalization and gig economy impacts.

The Pandemic's Impact

• Pandemic as a catalyst for reevaluation of work-life priorities.
• Shift from living to work to working to live.
• Increased focus on mental health and happiness.

Future Trends

• Survey indicating a third of people planning to switch jobs.
• Younger generation motivated by older generation's outcomes.

Personal Reflections

• Importance of financial readiness before quitting.
• Job switching as an income growth strategy.
• Personal satisfaction and job fulfillment insights.

Conclusion

• Discussion on continuing the 40-hour work week.
• Encouragement to reflect on personal job satisfaction and future plans.
• Invitation to engage in discussion and explore personal career paths.