A labor shortage occurs when there are not enough qualified job candidates to fill all open positions. This can happen in new industries where few people have the requisite skills or training. It can also happen in a growing economy where certain job seekers will not settle for a less attractive job. In 2021, following the COVID19 lockdowns, the U.S. experienced a sharp labor shortage in conjunction with the "Great Resignation," when more than 47 million workers quit their jobs, many of whom were in search of an improved work-life balance and flexibility, increased compensation, and a strong company culture.