Remember the first time you heard the expression: "The Great Resignation?" Anthony Klotz, an organizational psychologist, gets the credit for inventing the expression.
We bought into the logic after the pandemic lockdown, people were rethinking what was important in their lives.
Many people seem to have decided it's time to leave the workforce.
What are some other "Greats" we might see in the future? (Let's forbid the expressions "Great Depression" and "Great Recession" from appearing on this list.)
Will you be the first one to coin one of these expressions?
Here are 12 of my attempts.
1. The Great Escape
It does not take much.
The U.S. federal government eliminated the requirement for airline passengers to have proof of a negative COVID test before they could enter (or re-enter) the country Sunday. Now that the requirement is gone, many Americans will buy plane tickets to travel to Europe, and the Caribbean.
Vacation travel could grow even more once certain airports which have let service levels slip recover.
2. The Great Retirement
This ties into the Great Resignation.
The most recent bull market lasted about 11 years, and, in spite of all of the volatility, many savers' balances are still high.
Investors who were heavily committed to the stock market in their investment and retirement accounts might decide working is no longer a requirement. They decide to retire early.
3. The Great Promotion
Who is retiring? Senior, experienced people making good money.
Put another way, your boss and their boss.
Suddenly there is upward mobility for younger managers.
Almost everyone in middle management gets a bigger office, a larger salary and a better bonus.
4. The Great Reallocation
Imagine the perfect scenario.
Interest rates rise to 8% and the stock market keeps going up.
(OK, this requires a lot of imagination.) Many people shift out of the stock market and buy bonds (fixed income) that will provide an 8% return in retirement.
Suddenly a comfortable retirement is within reach.
5. The Great Restructuring
Companies have a hard time recruiting workers.
You see help wanted signs on businesses everywhere.
Businesses can be pretty nimble.
Bearing in mind labor is often their largest expense, they figure out how to do more with less.
They either reorganize and trip their workforce or they decide they do not need to hire after all.
6. The Great Return to the Office
Working from home makes sense, but it loosens the bonds that tie employees to their company and build firm loyalty.
