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Great resignation to remain for while, says Mastercard CEO – BusinessWorld Online

REUTERS

WORKERS who are looking for job changes to better their prospects is a phenomenon exacerbated by the pandemic that will remain for sometime, according to Mastercard, Inc. Chief Executive Officer Michael Miebach.

In industries that are in great demand, such as hospitality and health care, there is “a lot of competition for great people,” Mr. Miebach said at the Bloomberg New Economy Forum in Singapore Wednesday.

“In our industry, anybody who knows anything about AI, digital identity, cyber, hot skills, those are the people that are in demand and those are the people saying ‘I am feeling huge pressure everyday in what I do, can I do better, let me look elsewhere.’”

“There is a lot of competition going on and that has always been the case in these industries and is now pronounced because the pandemic put a lot of pressure on the system,” said Mr. Miebach. “That is the fundamental trend.”

The labor market reckoning that’s become known as the Great Resignation has shown millions are quiting their jobs. Policymakers are weighing the tight jobs market against upward pressure on prices, including wages, to position the economy for 2022.

“Fundamentally it’s competition for hot skills that are in demand,” Mr. Miebach said. “It’s going to be something we see for a period of time.” — Bloomberg

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