The latest data shows that US workers continue to massively quit their jobs despite the effects of the COVID-19 pandemic on the global economy subsiding.
As much as 44% of employees are looking for a new job opportunity, according to Willis Towers Watson’s 2022 Global Benefits Attitudes Survey. So, the Great Resignation still seems to be in full power.
Kick-started by the job loss at the beginning of the pandemic, the Great Resignation signified the extreme shifts in the labor force that took over the labor market once the lockdown was over.
Many expected this to be a passing phase, soon to end due to the recent stabilization of the coronavirus situation. However, this didn’t happen, and employees kept leaving their current jobs at unprecedented rates.
According to Pew Research Center’s survey, in November 2021, the resignation rates reached a 20-year record. Namely, as many as 48 million employees handed in their resignation in 2021, and about 4.3 million joined them in January 2022.
But why are employees suddenly second-guessing their job positions, even their entire careers?
According to a 2021 survey, low pay was one of the main reasons for quitting.
But money wasn’t the primary motivator for a job change for all survey participants. The lack of opportunity for advancement, feeling disrespected at the workplace, better health/retirement benefits, and job security was also why many considered a change.
Plus, many of those who set up their home office desks during 2020 wanted to continue working from the comfort of their home, stop commuting every day, and retain a flexible schedule.
Finally, it’s important to note that not every industry is equally affected by the Great Resignation. Local government education, manufacturing, and retail sectors were among the most affected, while insurance and finance sector employees were less inclined to quit.