The Great Exodus

The Great Exodus

It's up to you

The Great Resignation continues, as the cost of living pushes workers to seek pay raises at a time when the percentage of workers who have money on hand at the end of the month drops significantly.

Prior to the Great Resignation, there was a multi-year stagnation of workers' wages and benefits. Earnings of low-wage workers have not kept up with inflation while work has become more informal and precarious.

The Great Quit is an ongoing trend where employees leave their jobs en masse. This trend started in 2021 and continues to this day at a rate of more than 50% for younger workers. The majority of young people are not willing to work for a company if it does not guarantee them the flexibility they need as well as opportunities for career development.

The main reasons for resignations are low financial earnings, unfavorable working conditions, the many and complex problems that create obstacles to smooth family planning, and limited career prospects. Added to the above are professional burnout and the excessive demands of employers. Many workers, especially after the pandemic, revised their goals and priorities, choosing to devote more time to hobby activities as well as social and friendly contacts. Also, many are now looking for alternative ways of working and a hybrid work model since they have more flexibility and reduce the time of commuting to and from work.

Companies need to realize that they need to take action so they don't continue to lose talent. Employees will quit if they don't have support, resources and flexibility. More than ever, workers need decisions and policies that support their psychological health and well-being. Also, ongoing training and development is necessary to adapt workers to an ever-changing environment that requires different skills. Once considered a luxury, these requirements are now necessary for a company to hire and retain qualified employees.

The Great Resignation is, however, according to experts, more a story of strong demand for workers than a review of working conditions among higher-income workers.