The term “The Great Resignation” became all too familiar in Burbank as workers in various sectors, from hospitality to tech, traded in their jobs for better opportunities or simply opted out of the labor market altogether. But a noticeable change is sweeping across this Southern California city; the era of mass resignations and job-hopping seems to be winding down.
Federal Reserve’s Influence
The Federal Reserve’s tightening measures have set in motion a cooling down of the labor market nationwide, and Burbank is no exception. In a city where small businesses and large corporations co-exist, the impacts are evident. Retailers along San Fernando Boulevard, for instance, are reporting stable staff numbers for the first time in over two years. In the media district, where major studios like Warner Bros. and Disney have their operations, job postings have slowed down, indicating a return to a more predictable hiring landscape.
The Indeed Hiring Lab suggests that workers are now leaving their jobs voluntarily at rates similar to those seen before the pandemic. In Burbank, this phenomenon is particularly apparent in sectors like healthcare and education, where attrition rates had soared during the height of the pandemic. Employees seem to have found their equilibrium, whether by negotiating better terms with their current employers or settling into new roles that they had transitioned to during the upheaval.
The Changing Job Market
The decline in the quits rate, which now stands at the lowest rate since January 2021—has been noticed by local job recruitment agencies in Burbank. The market has become more competitive as more qualified and laid-off workers start applying for the same jobs. Gone are the days when job seekers had the upper hand, easily landing interviews and even multiple job offers. Burbank’s job market, like many others, has become more challenging to navigate.
Recent data on consumer confidence reflects a decreased optimism around employment conditions. While this might seem like bad news, it’s actually contributing to the stabilization of the job market. The local economy in Burbank is intertwined with consumer sentiment; when consumers feel jobs are “hard to get,” they are more likely to hold on to their current positions, leading to lower turnover rates for employers.
A New Path Forward
The conclusion of the Great Resignation doesn’t mean a return to the old ways. The market has changed, expectations have been reset, and both employers and employees have adapted to a new normal. In Burbank, businesses are keen on retaining their existing workforce, focusing on employee engagement and benefits more than ever before.
As we move into the final quarter of 2023, the job market in Burbank, much like the rest of the country, seems to be entering a phase of stability and predictability, marking the end of the tumultuous era known as the Great Resignation.