A new survey shows that millions of Americans may be on the brink of quitting their jobs, suggesting a repeat of the mass resignations recorded during the Covid-19 pandemic.
Great Resignation 2.0
The US could be on the brink of another Great Resignation, following the trend of mass resignations that swept the economy back in 2021 and 2022, if a recent survey is anything to go by.
3 in 10 Workers Want to Quit
According to a survey published by the online resume-building platform ResumeBuilder.com, nearly 3 in 10 full-time workers in the US are considering quitting their jobs by the end of the year.
1000 Participants
The survey questioned 1000 full-time workers across various industries, different age groups, and tax brackets, and emerged with a stunning trend suggesting that the country may see another major shift in the workplace, with employees seeking greener pastures elsewhere.
Skewing Younger
Younger workers were most likely to confirm they wanted to leave their jobs. Of the participants aged between 18 and 24, a whopping 37% said that they were likely to quit at some point in 2024.
A Normal Pattern
This is compared to only 35% of 25 to 34-year-olds who said the same. Julia Toothacre, a resume and career strategist at Resume Builder, explained that the overrepresentation of Gen Z in these statistics was perfectly natural.
What Younger Workers Want
”Younger workers tend to switch jobs at a higher rate because they are trying to determine what type of function, industry, and environment would work best for them,” Toothacre said.
Quicker Salary Increases
“Along with that, you can increase your salary quicker when you change jobs every few years, and those early career years are the best time to do that,” she added.
Salary and Modality Changes
Regardless of age, the majority of participants who wanted to quit cited that they were seeking either higher salaries, different work modalities, or both.
Low Pay, Stress, Mediocre Benefits
56% of workers who want to quit this year laid the blame on low pay. Others also pointed to poor work benefits and too much stress in the workplace.
Work Modalities
Work modalities refer to the way in which work is done, particularly as it concerns in-person, hybrid, and fully remote work. 35% of participants reported looking for a different work modality, with most being fully in-person participants.
Seeking Remote Work
40% of in-person full-time workers reported their preference for either a hybrid position (with time split between home and the workplace) or a fully remote position.
Looking Back
Commentators and analysts have already drawn parallels to the so-called Great Resignation, which saw record numbers of Americans quitting their jobs during the pandemic and post-pandemic period.
Record Resignations in 2021
Between the months of June and November 2021, more than 4 million Americans quit their jobs every month, representing 3% of total US employment at the time.
Continuing to 2022
The trend continued, with more than 47 million Americans quitting their jobs in 2022 alone. Now, we could be looking at a repeat of the movement.
The ‘Great Regret’?
However, those workers who are thinking of quitting en-masse may want to look back at the reports that followed the first Great Resignation, a period which some media outlets referred to as the ‘Great Regret,’ due to reports that many workers who quit in 2021 and 2022 went on to regret their decision.
Paychex Study
A study released by human resources and payroll service company Paychex in early 2023 suggested that 8 out of 10 employees who left their jobs during the Great Resignation later regretted their decision.
Things They Missed
Many participants reported missing colleagues, work culture, and work-life balance found at their previous jobs. Others pointed to the impact that resigning had taken on their mental health.
Will They Feel the Same?
Will the next round of quitters feel the same? It’s hard to say, but some further findings from the ResumeBuilder survey suggest that resignation may not be the answer to everyone’s problems.
No Plans
Of the respondents who plan to quit their job this year, one in 10 reported being so frustrated with their current employment situation that they were planning to quit without another job opportunity lined up.
An Employers Market
Considering that the broader US workplace is currently “an employer market” according to Toothacre, compared to the candidate’s market that it was back in 2021 and 2022, this 1 in 10 may very well experience the same regrets.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
