Office Hours: McKinsey’s Mistakes, Arizona State’s Online Initiative, and the Great Resignation

Resignation Causes

The Great Resignation, or as Scott Galloway prefers, the "Great Reassessment," is a complex phenomenon influenced by various factors. A Harvard Business Review study highlights that resignation rates have surged by over 20% among employees aged 30 to 45, particularly in the IT, financial, and healthcare sectors 1. The pandemic has accelerated remote work, allowing people to relocate to more affordable areas, thus expanding their job opportunities and reducing living costs.

The pandemic has dramatically increased the ability to work remotely, which means people can move to lower cost areas, giving them more options.

--- Scott Galloway

Additionally, the strong economy has opened avenues for entrepreneurship and gig work, further contributing to this trend 1.

   

Enrollment Impact

The decline in college enrollment is another significant trend impacting industries and educational institutions. Scott Galloway notes a nearly 7% drop in undergraduate enrollment from 2019 to 2021, the largest in 50 years, with community colleges experiencing a 13% decline 2. This trend raises concerns about the future workforce, particularly in fields like architecture, which rely on a steady influx of new talent.

College enrollment numbers are down around 1 million this year in the US, the lowest number in 50 years.

--- Scott Galloway

The combination of the Great Resignation and declining enrollment could reshape various sectors, affecting both supply and demand dynamics 2.