“Turnover tsunami,” “Post-Pandemic Resignation Boom,” no matter what you call it, the state of jobs and businesses is continuing to dramatically change as we emerge from the pandemic and work toward finding our natural work rhythm again.
The report by the Bureau of Labor Statistics (BLS) states that over 4,000,000 people voluntarily left their jobs in April 2021 at a rate of 2.7%.
The reasons cited are many – low wages, burnout, changes in company policies regarding “work from home” opportunities, changes in life/family priorities around work/life balance. And the list goes on.
Including the desire to start their own business.
Whether it’s out of opportunity or necessity, the National Report on Early-Stage Entrepreneurship in the United States: 2020, published in April 2021 by the Kauffman Foundation, shares that the national rate of new entrepreneurs in 2020 was 38%, the highest rate since 1996.
It’s a Small Business Boom and it continues to grow!
As noted in the Bipartisan Policy Center’s article, Explaining Trends in New Business Creation, from early May 2021, during the first quarter of 2021, 450,000 new business applications were filed. This was almost twice the level of new business applications filed for a similar time period pre-COVID.
To manage their own time, workload and pay rate, many people are opting to enter the “gig” workforce that was created during the 2008-2009 economic downturn. Others are taking the opportunity to start the business they had always wanted to start but had difficulty side-launching.
What trends are you seeing for yourself or for your colleagues?
Option 1: Staying put, I like my job.
Option 2: Quitting my current job but looking for another in the same industry.
Option 3: Quitting my current job and changing industries.
Option 4: Quitting my current job and launching my own consulting business.
If you selected Option 4, sign-up here for my free email mini-course on how to launch an consulting services-based business. It can help you envision what you need to do to get started!