By July 2022, Fortune magazine reported that the Great Resignation was showing no signs of slowing down. More than 40% of the workforce is considering quitting their jobs. Their employers (and all the other companies who’ve lost good people) have to be wondering what they’re doing wrong. Why are the good employees leaving us for greener pastures? But are the pastures really greener? What is going on?
What’s Happening During the Great Resignation?
Since COVID, there has been a fundamental shift in the thinking of the American labor pool. Many employees have reprioritized their lives after the COVID crisis. A recent Flexjobs survey shows many employees are stuck in jobs they don’t enjoy and 30% admit they want to resign. Post COVID, many employees say they aren’t willing to work for the same low pay for the same long hours anymore. Others say they are burnt out and want to work less, while some have expanded their focus on lucrative side gigs that let them work when and if they want to.
No matter the reason, employers are struggling to retain their workforce. Just check out the numbers during the Great Resignation:
- Through 2021, an average of 4.98 million Americans quit their jobs every month.
- By the end of 2021, more than 47 million Americans had quit a job.
- In February 2022, 4.4 million Americans quit.
What are the most common reasons your workers are walking out? There’s data on that, too.
Why are You Losing Your Top Employees?
There’s actually quite a bit of data now about why employees are leaving their jobs in droves. There are a few variations on the top three reasons, but there are a few themes that resonate across populations.
Toxic Company Culture
For example, FlexJobs conducted a survey of more than 2,000 people in early 2022 and asked them what drove them to leave their jobs. The number one reason was a toxic company culture. This was followed by a low salary and poor management. Then there was the lack of work-life balance and the lack of remote work or even flexible work options.
Low Pay
Pew Research has a slightly different take on the issue. Their survey showed 63% of the employees that quit their jobs in 2021 cited low pay as their top reason for fleeing the scene for those greener pastures we mentioned. This is important to note because wage stagnation is a real problem. Wages have gone up by 32% since 1990 but the cost of goods and services has increased by more than 117%.
Lack of Advancement
Indeed has some reasons the other companies failed to register, such as a lack of advancement and needing more of a challenge. They also cite feeling uninspired and wanting to feel valued as reasons employees are giving for turning in a pink slip. Wanting more feedback and structure is a rallying cry for these employees, along with seeking a different (read: better) work environment.
Reach out to Us!
No matter the reason given, workers seem to have had it with employers for a variety of reasons. This has left many companies scrambling to find the talent they need to keep business flowing smoothly. That’s where PrideStaff can help. If you’re struggling to find the talent you need, talk with our team. We help employers fill the open seats on their buses faster and more efficiently. Call on us to find out more.
