The Great Resignation – Why are Millions Quitting their Jobs?
If you haven’t heard about the “The Great Resignation”, it’s the buzz in the labor industry. A record four (4) million people quit their jobs in April, according to the U.S. Bureau of Labor Statistics, and many others are considering joining them. Economists and HR leaders are very concerned about this statistic. We see the top three reasons that has led to “The Great Resignation” as the following:
The pandemic has caused many employees to examine their work/life balance, career path and overall happiness. The great migration to remote work in the pandemic has caused many to pause and think about when and where they want to work. "We have changed. Work has changed. The way we think about time and space has changed," says Tsedal Neeley, a professor at Harvard Business School and author of the book Remote Work Revolution: Succeeding From Anywhere. Workers now crave the flexibility given to them in the pandemic — which had previously been unattainable, she says.
Workplace culture “how people are treated”, wages and benefits are king. If you have employees who haven’t been happy with those critical pieces, they are seeking greener pastures. It’s not just the higher wages and benefits, it’s also wanting to work where people feel they are treated right.
Others are showing their independence from the labor market by retiring. The share of Americans in retirement jumped from about 18.5% to 19.5% from the start of the pandemic. People who have considered retirement in the next few years seeing the economy shut down and saying, I’m leaving the workforce early.
At the same time, there’s a resurgence in job openings. Companies are challenged to find people for their job openings. Now is the time for employers to evaluate their workplace culture, review policies, determine how they are hiring, review and evaluate wages, benefits and more to determine what actions they need to take.
TBP provides cultural assessments and the analysis of turnover data. We implement best practices, DEI initiatives and recruiting strategies while providing training customized training. To learn more about our services, you can reach us at our Pittsburgh corporate office at: (724)799-8170, or visit our website at www.bradleypartnerships.com, or email us at firstname.lastname@example.org.