It’s been dubbed “” by organizational psychologist Dr. Anthony Klotz, and for good reason. As with the other ‘Greats’ we’ve witnessed across history, take “The Great Recession” or “The Great Depression,” for instance, the implications of a large number of people deciding to quit their jobs could be monumental.
If you’re a business leader, almost half of your entire workforce may, right now, be thinking about leaving you. Where does that put your growth plans? Your customers? Your bottom line? Just when you thought you could see light at the end of the COVID-19 tunnel and get back to resurrecting your business, your greatest assets are leaving you.
Before we dive into the reasons for this unprecedented movement of talent, it’s important to note that certain demographics of society appear to be more than others.
- Blue collar workers: Sandra Sucher, Harvard Business School professor and author of the forthcoming The Power of Trust, noted in the article that low-wage workers are particularly motivated to change jobs with even marginally better offers. The that, “Many retail and service workers are departing in favour of entry-level positions elsewhere – in warehouses or offices, for instance – that actually pay less but offer more benefits, upward mobility and compassion. With employers across the board looking for new hires, many have found it’s easy to find another job and make the transition.”
- Gen Z: research found that workers could be considering handing in their resignation, pointing to the fact that “…Gen Z reported difficulties feeling engaged and excited about work, getting a word in during meetings, and bringing new ideas to the table.”
- Mid-career workers and managers: Research from people analytics firm found that the cohort of employees aged between 30 and 45 saw significant increases in resignations between August 2019 and August 2020, signalling that those who are more established in their careers are more likely to consider switching jobs. Plus, as of December 2020, resignations among managers were 12 per cent higher than the previous year.
So, what’s behind this predicted mass exodus of talent? What’s triggering people to want to leave their jobs in such vast numbers?
- They finally feel confident searching for a new job
, those people who had planned on leaving their jobs pre-pandemic but decided to hold off due to the instability caused by COVID-19 are now resuming their job searches with new-found enthusiasm. As a result, the backlog of resignations built up over the last 18 months is now beginning to clear.
This is hardly surprising. With rising vaccination rates globally, and the gradual opening up of economies, we’re seeing a seismic shift in the job market and almost everywhere in the world. This sentiment is echoed by , chief executive at the UK-based Recruitment and Employment Confederation (REC), who said, “The jobs market is improving at the fastest pace we have ever seen, but it is still an unpredictable time.” Hays plc’s own revealed that 63 per cent of employers are currently recruiting. There are more opportunities out there than there have been in a long time, so many feel now is the right time to finally make their move. But what else is at play?
- They’ve been given the time and space to reflect on both their personal and professional lives
If people weren’t already considering looking for a new role before the pandemic hit, then chances are that they are now. According to our recent of over 25,000 people, 74 per cent said that the pandemic has made them reconsider their job or career choices.
Whether it’s on a number of levels by their employers or the fact that, as , we’ve all been forced to confront our own mortality in a way that we’ve never had to before, for many, the pandemic has afforded them the time and space to reflect on their working lives – something that many have never had the luxury of doing before.
Many people have simply realized that life is too short to do a job they don’t love, for a company they don’t think cares about them.
- They just don’t want to go back to the office … ever
After 18 months of working from their own homes, where they are the ones in control, doing their jobs in a way that works best for them and enjoying the freedom to live their personal lives alongside their 9 to 5’s, some just don’t want to go back to the office. This, coupled with the fact that many have already relocated or are planning to do so to be closer to family or to achieve the lifestyle they’ve always dreamt of, the prospect of returning to the office has . This attitude is also reflected by , which found that 46 per cent of people say they’re likely to move because they can work remotely now.
But is returning to the office, at least part of the time, really going to be as bad in reality as many have convinced themselves it will be? Many people, myself included, feel they have re-discovered a new-found sense of connection with people they have been lacking for over a year, just by going into the office a couple of days a week.
In my mind, our homes and offices both have a part to play in enabling us to lead fulfilling working lives, but I appreciate that not everyone feels that way.
- They’re burned out
We’ve seen the headlines – burnout right now is real, and it’s rife. According to :
- 37 per cent of the global workforce say their companies are asking too much of them at a time like this
- One in five think their employer doesn’t care about their work-life balance
- 54 per cent feel overworked, and 39 per cent feel exhausted
- The average Microsoft Teams user is spending 42 per cent more time on chats after hours, with 50 per cent of people responding to Teams chats within five minutes.
Microsoft argues that these frightening stats “… prove the intensity of the workday, and that what is expected of workers during this time has increased significantly.” I’d have to agree. It’s no wonder so many people are reconsidering their job options.
Technology has been the Great Enabler for us all to continue to do our jobs and keep our economies and societies from total collapse over the last 18 months. Imagine if we had had to cope with a global pandemic just a few years ago without Teams and Zoom, no fast internet, no mobiles, no online banking/shopping/food delivery/streaming services/everything else that enables our lives today? If this had happened 20 years ago, I’m not sure how we would have kept working. So, while technology has been our saviour, it has also blurred the lines between work and private life, and the level of burnout and exhaustion is unsustainable.
- They want to hit ‘play’ on their career growth
Everyone wants to feel that they are moving forward and on the path to personal growth and success. The need to feel a sense of progress is innately human, but it’s a feeling many haven’t necessarily experienced for a long time.
Many have put their personal development on pause. Instead, they’ve been busy keeping the businesses they work for afloat. Upskilling has been off the radar for many, a secondary concern that can wait until tomorrow, the next month, or even next year.
That mindset is starting to shift, with many reaching for the ‘play’ button again. According to research from , high-performing workers are the most concerned about their career advancement in their current job, with 75 per cent saying the pandemic has made them question their skillsets.
Unfortunately, many feel they have no choice but to move jobs to reach the next level and achieve their goals. To me, this is a wholly avoidable challenge and one that employers should be tackling head-on. It’s well known that career progression is a crucial factor in employee engagement in an organization. Without it, people who want to get on will go elsewhere and create value for someone else. And those that stay may well not be as engaged in your success as you hope or think.
- They are motivated by financial reasons.
For those who have continued to work during the pandemic, their have probably increased. Without the commuting costs, the after-work drinks, the meals out or lunches in, most have actually managed to save money. This financial cushion has given them more space to make the career decisions that feel right for them, with many feeling more confident to make a move or even leave a job without having another lined up.
And thanks to sites like , people are now more than ever of exactly what salary their unique skillset and experience can command.
- They’ve realized they don’t actually like their jobs
With all of the peripheral interactions and office distractions stripped away by working from home, many have realized that they don’t actually enjoy the work they do, especially when they don’t have all the other softer stuff, such as colleague camaraderie, to break up their days. The reality of what they do has really hit them.
On top of that, despite the constant Teams calls and chats, many feel disconnected from their teams, their managers and their organizations. Cassie Whitlock, head of human resources for BambooHR, : “Many have lost a sense of connection to the workplace. Even if they’re getting time with their manager, ... they’re having fewer interactions, and the quality of those interactions is diminished. They’re not having a feeling of genuine connection. They feel less seen, recognized, and appreciated.”
As a result, there’s been a huge rise in people choosing to go it alone and set up their own solo ventures. According to the U.S. , the pace of new business applications since mid-2020 has been the highest on record, with a rise in throughout the pandemic. This is echoed by research, which found that 46 per cent of people are planning to make a major career pivot or transition.
Alistair Cox is Chief Executive of .
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