July 26th 2024.
A recent study has uncovered a concerning trend in the workforce - the "Great Resignation 2.0". It seems that nearly three out of ten employees are contemplating leaving their jobs by the end of 2024. The study, conducted by Resume Builder, surveyed 1,000 full-time workers and found that 28% of them have plans to quit before the year is up. The highest percentage of potential quitters came from the 18-34 age group, particularly those in the service industry. The main reason cited for this desire to leave? Dissatisfaction with their current work situation, particularly low pay.
It appears that many of these individuals are seeking a more comfortable and fulfilling work experience. 44% expressed a desire for better benefits, while 43% are looking for less stressful work days. Career strategist Julia Toothacre wasn't surprised by these findings, as she believes that younger workers are still in the process of figuring out their career goals. This often leads to a higher turnover rate as they search for the right job function, industry, and work environment. "Not to mention," Toothacre added, "changing jobs frequently can also result in a quicker salary increase, making this an appealing option for those in the early stages of their career."
The first "Great Resignation" occurred during the COVID-19 pandemic, with a staggering 47 million Americans quitting their jobs in 2022 alone, according to a 2023 study by Paychex. However, many of these individuals ended up regretting their decision as they struggled to find new employment. Another factor contributing to the current wave of resignations is the requirement to return to the office. With the increased availability of remote work during the pandemic, employees are now demanding more flexible options. Toothacre predicts that employers may have to adapt to these demands in order to attract and retain top talent. "We are currently in an employer-driven market," she explained. "But once the market shifts back to favoring the candidates, we can expect to see more companies offering perks like remote or hybrid work arrangements."
While over 20% of survey participants reported being "somewhat likely" to quit their jobs before the end of 2024, 7% described themselves as "highly likely" to make the change. Interestingly, at the start of 2024, the number of people quitting their jobs returned to pre-pandemic levels, indicating a shift in the balance of power in favor of employers. According to Statista, there are now more job openings than unemployed individuals, a trend that existed even before the pandemic.
However, there is a possibility that the number of resignations may decrease in the near future. Financial experts have warned of a potential recession, which often leads to a decline in job opportunities. This could make it more difficult for individuals to find new employment, making them less likely to leave their current jobs. Only time will tell if the "Great Resignation 2.0" will continue to gain momentum or if the job market will stabilize, but for now, many employees are seriously considering a change in their careers.
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