CEO of Mastercard Michael Miebach says, Great Resignation to Remain for While

‘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 Mastercard CEO Michael Miebach

Workers who are looking for job changes to better their prospects is a phenomenon exacerbated by the pandemic that will remain for some time, 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," 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 every day 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 Miebach. “That is the fundamental trend."

The labour market reckoning that’s become known as the Great Resignation has shown millions are quitting 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," Miebach said. “It’s going to be something we see for a period of time."

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

( Except for the headline, this story has not been edited by Scrabbl staff and is published from a syndicated feed.)