Part 5/11:
During the pandemic years (2020-2022), employees held significant power, evidenced by the "Great Resignation" and widespread quiet quitting, as workers demanded better pay, work-life balance, and job security. Employees were able to leverage this power to negotiate for favorable conditions or opt out of roles altogether.
But the tide turned in late 2022 and into 2023. Economic slowdown and tighter financial conditions shifted power back toward employers. Employers became more cautious about hiring, were less willing to raise wages, and focused on efficiency, often leading to layoffs to rightsize operations.