THE GREAT RESIGNATION
Almost every business and organization has struggled to maintain talent after the “great resignation” was set in motion during the pandemic. According to Pew Research, the nation’s “quit rate” reached a 20-year high in November of 2021.
As businesses closed or transitions, nearly 53% of adults left their job in 2021 and have changed their field of work or occupation. And, workers younger than the age of 30, especially those without a postgraduate degree, were more likely to change occupations.
The pandemic created unique challenges including children being home from school that led nearly 24% of workers to leave a job due to child care issues. The top 10 reasons included:
Pay was too low (63%)
No opportunities for advancement (63%)
Felt disrespected at work (57%)
Child care issues (48%)
Not enough flexibility to choose hours (45%)
Benefits weren’t good (43%)
Wanted to relocate to a different area (31%)
Working too many hours (39%)
Working to few hours (30%)
Employer required the CV-19 vaccine (18%)
Nearly 31% of all workers sited leaving they job due to the Corona Virus outbreak. And transitioning has been easier with 61% saying it was at least somewhat easy to find their current job. 56% say they are now earning more money in their new job and nearly the same amount feel they have more opportunities for advancement and have an easier time with work-life balance. Yet 42% say their benefits are the same or worse than their previous job and 22% say their benefits are worse.
While the pandemic created a very unique situation for both employees and employers, many are returning to work and/or trying to recover the jobs they left.
To better understand what you can do to keep employees longer and build your human capital, see our post here. Or reach out to FM Talent to discuss a human capital strategy.
https://www.pewresearch.org/fact-tank/2022/03/09/majority-of-workers-who-quit-a-job-in-2021-cite-low-pay-no-opportunities-for-advancement-feeling-disrespected/