Header bg
  • section background

    The Great Resignation and Entrepreneurship

    Hero bg 2
    what is the great resignation Canada

    Everything you need to know about the trend of leaving your nine-to-five job in favour of starting your own business, with insight from APOLLO’s CEO, Jeff McCann.

    If you’re someone who has an office job or even an account on LinkedIn, you’ve likely seen or heard the term “Great Resignation”. Picking up traction in 2021, it’s a trend that has continued to gain momentum throughout 2022.

    In this article, we’ll answer some of the most commonly asked questions about the Great Resignation in Canada, as well as what it means in terms of entrepreneurship, including:

    • What is the Great Resignation?

    • Why is the Great Resignation happening?

    • What will the Great Resignation lead to?

    • The emergence of a Renaissance of Entrepreneurship

    • Resources for small business owners and entrepreneurs


    Need Insurance for Your Small Business?

    Get a Free Quote


    FAQs About the Great Resignation

    Despite hearing this term within your industry or seeing it pop up on your social feed, you may not be entirely clear on its meaning. Below, we define the Great Resignation, as well tackle a few other questions about this trend.

    What is the Great Resignation in Canada?

    The Great Resignation is the mass exodus of professionals from traditional workplaces. The year 2021 saw an increased resignation rate across multiple industries, as well as a substantial number of people refusing to return to work due to the COVID-19 pandemic.

    The term was coined by a psychologist and professor at Texas A&M University, Dr. Anthony Klotz. He first used the phrase in an interview with Bloomberg Businessweek.

    Why is the Great Resignation happening?

    According to CNBC, about 47.4 million workers in the United States quit their jobs in 2021. And the Financial Post reported in July 2022 that almost a quarter of Canadians have switched jobs amid the Great Resignation. Those are some big numbers – but why is it happening?

    Dr. Klotz’s theory is that many people are having pandemic-related epiphanies about their quality of life and time spent with loved ones. This has resulted in Canadian workers leaving their jobs at companies they may not have been entirely happy at.

    Essentially, people are quitting their jobs to pursue opportunities for advancement, professions they are passionate about, or working conditions that offer better work-life-balance, such as remote work.


    Need Insurance for Your Small Business?

    Get a Free Quote


    What will the Great Resignation lead to?

    For some people, resigning from a job they didn’t enjoy has simply resulted in them finding a better employer or different line of work. For others, however, it has led to them leaving the corporate grind altogether, in favour of pursuing their own business where they can work from home or choose their own working hours.

    In other words, in many ways, the Great Resignation is leading to a Renaissance of Entrepreneurship.

    A Renaissance of Entrepreneurship

    If you combine the large number of people resigning from the traditional workforce, with the 1.3 million new immigrants projected to come to Canada between 2022 to 2024, you can see how a Renaissance of Entrepreneurship is coming. In fact, in 2021, 2 million Canadians started a new business.

    Earlier this year, as the keynote speaker at Gravitas Securities 5th Annual Growth Conference, Jeff McCann, APOLLO’s CEO, shared his insight on the Great Resignation and a Renaissance of Entrepreneurship:

    “Last year, tens-of-millions of people across North America quit their jobs. They’re calling this the Great Resignation because people are saying, ‘You know what? There’s a great reset here.’ So, we have an opportunity to be able to embrace entrepreneurship. And this is driving a renaissance. We have two factors here. We have immigration, and we have the Great Resignation merging together with this Renaissance of Entrepreneurship, and driving new business starts and new business growth.”

    – Jeff McCann, CEO of APOLLO


    Need Insurance for Your Small Business?

    Get a Free Quote


    Resources for New Entrepreneurs

    If you’re among those starting your own business, you may be looking for support as you pursue your passion.

    At APOLLO, we see ourselves as a partner in your entrepreneurial journey. We’re here to help make the business insurance part of your new venture effortless.

    In addition, we have also put together free resources to help support you as you build your business. Below is a list of some of our most popular resources.


    Small Business Insurance Guide

    This document is designed to support entrepreneurs as they grow their businesses. As a practical guide for business owners, it includes:

    * A checklist for new ventures* Information on how to mitigate risks with professional liability insurance* How APOLLO can help you find the right coverage for your company

    Download Your PDF


    Top 3 Magazine Articles for Entrepreneurs

    1. How APOLLO Can Support Your Small Business: Running a small business is hard. Finding the right insurance partner doesn’t have to be.

    2. 17 Marketing Ideas to Promote Your Business: Looking for big marketing ideas for your small business? This article outlines 17 tactics you can take to help increase the visibility of your company.

    3. How to Get a Small Business Loan in 6 Steps: Navigating the process of securing a loan to start a small business can be intimidating, especially if you don’t know where to begin. Find out how you can get a loan in just six steps.


    APOLLO Has You Covered

    Get the protection you need in minutes with custom Business Insurance from APOLLO.

    Get a Free Quote


    Originally published September 23, 2022, updated August 25, 2023

    Back to APOLLO Magazine
    Share this article

    Get Tenant Insurance in less than a minute

    Get no-nonsense coverage that's the best value for your money. Purchase policies from your computer or phone, receive your documents instantly, and save when you buy online.

    Get a free quote

    4.6 rating

    Google Logo

    Get Tenant Insurance in less than a minute

    Get no-nonsense coverage that's the best value for your money. Purchase policies from your computer or phone, receive your documents instantly, and save when you buy online.

    Relevant articles

    section background
    section background

    Getting insured is as easy as 1 - 2 - 3

    Tell us (very little) about yourself
    1

    Tell us (very little) about yourself

    Just tell us your address, your name, email and phone number. And that's it. We'll give you a price in less than a minute.

    Pay online easily and securely
    2

    Pay online easily and securely

    You can choose to pay monthly or save money by paying for the entire year in one easy payment.

    Get your documents in your inbox - instantly
    3

    Get your documents in your inbox - instantly

    As soon as you complete your purchase, you'll find your proof of insurance and policy documents waiting for you in your inbox.

    Get covered today - it couldn’t be easier

    We’ve provided more than 1,000,000 quotes to Canadians just like you. Give it a try!

    Google Logo

    Reviews

    4.6 rating

    1,581 reviews

    view all

    Across Canada

    Contact Us
    Apollo logo

    © 2024 APOLLO Insurance Solutions Ltd.

    111 Water Street, Unit 210, Vancouver, British Columbia, V6B 1A7

    APOLLO Insurance Agency Ltd. (o/a APOLLO Brokerage in the province of Ontario only) is a licensed retail brokerage, offering our clients with a comprehensive set of insurance solutions to meet their individual needs. APOLLO Insurance Agency Ltd. maintains necessary corporate licensing in provinces across Canada. Availability of products and service depends on licensing and product availability. The information that appears on this page is provided for information purposes only. Advertised products and prices are not guaranteed and vary based on insurance provider and/or insurance company's discretion and product availability.

    Transparency and Disclosure: APOLLO Insurance Agency's role is to provide you with exceptional service and the best insurance products that suit your needs. As a licensed retail brokerage, our compensation is based on a commission basis already built into your insurance premium and varies based on the product purchased through our platform. For a description of how APOLLO Insurance Agency is compensated and how this is calculated, please refer to our Compensation Disclosure document. For consumers in Ontario, please review the RIBO Conduct Fact Sheet and the RIBO Conduct Guidance document.