With the pandemic drawing to a close, people are returning to normalcy. However, one thing is quite abnormal—the amount of people quitting their jobs. According to Forbes, resignations spiked from July to September 2020. Predictions for 2021 reveal that “The Great Resignation” is taking place, as people are putting in their two-weeks notice at an increased rate. So, what does this mean for you? Here’s what you need to know.
First, let’s start with the data. Visier‘s resignation data—which consists of more than 4,000 companies and 9,000,000 workers—illustrates some alarming trends. Mid-career workers are rising among mid-career workers, with employees 30 years old and over quitting at a 19.6% or higher rate. In fact, Axios argues that upwards of 40% of employees are considering quitting. Interestingly, early-career employees resigned less frequently during the pandemic. There was a 20.3% decrease among 20-25 workers during this time.
Also, manager resignation rates increased by 12% starting in December 2020. There’s a confluence of reasons why this happened. A combination of burnout and increased responsibilities during the pandemic factored in. Additionally, women managers were more likely to leave their job during the pandemic to focus on their families. Men, on the other hand, were more likely to career hop.
How it Impacts Workers
“The Great Resignation” affords workers a great opportunity. If you’re looking for a new role, there will be a lot of available positions. Companies are in a vulnerable position where they need top talent ASAP. As a jobseeker, you can negotiate a job offer. For example, you can ask for hybrid work options. Remember, 57% of workers claimed that working from home during the pandemic improved their personal finances. So, leverage the advantage you have to get what you want from your next employer.
Things to Consider
Before you jump right into being a part of “The Great Resignation”, you should consider a few things. Here are some questions you need to answer:
- What was your spending before the pandemic? According to MSN, just because you saved money last year doesn’t mean you’re automatically going to save in 2021. Therefore, analyze your 2019 spending habits, and see where you can make meaningful adjustments that will become routine.
- What employee benefits will you lose? Remember, health care is a significant cost for the average US worker. So, if your employer is currently providing you with health care benefits, you need to factor in what it will cost you to pay out-of-pocket.
- Is this a case of short-term vs long-term thinking? Are you making a move based on your gut feeling? Or, is your decision to give your two-weeks notice something you’ve contemplated for a while? Have you considered your retirement plan, and how you’ll make up for the loss of your 401(k) company match? What about your emergency savings fund? While everyone is undoubtedly burnt out from a trying 2020, you need to evaluate your reasons for wanting to participate in “The Great Resignation”.
Now that you know about “The Great Resignation”, if you’re contemplating a new career opportunity, consider reaching out to Applied Resource Group. As Atlanta’s top staffing firm, we can connect with you now and start conversations that can lead to a lot of places that you wouldn’t have even known about before reaching out.