What fuels the great resignation? A survey has been dug into work-hopping.
The biggest reasons are money and career growth, a recent Pew Research survey of employees showed, with nearly two-thirds (63%) of respondents citing 2021 as the main or minor reason for leaving their jobs.
Disrespect in the workplace came in third place, with 57% of workers citing it as a reason for resignation. Other big reasons behind quitting include flexibility, convenience and better hours.
In March alone, a record 4.5 million people lost their jobs, with the survey finding that workers continue to take advantage of the labor imbalances created by COVID to find a better employer-employee match.
“The epidemic has opened up opportunities for many workers,” Kim Parker, one of the study’s authors, told Yahoo Money.
‘High compensation is the number one tool for employers’
According to the survey, when employees find a new job, for the most part they find the good pay and the flexibility of work they want.
Overall, 56% of workers are earning more than their previous jobs, while 53% of workers surveyed told Pew that they have a balanced career and career advancement.
Nearly two-thirds (63%) of college graduates earn more in their new job and have more opportunities to improve their careers. Some low-income workers are still struggling to find new jobs. More than a quarter (27%) have made less of their new position, with 18% saying their career has improved less.
“Higher compensation is the number one tool employers use to attract new employees and retain existing employees. Wage increases are so high at the moment because competition for workers is so fierce, “said Nick Bunker, an economist.” If an employer can’t afford higher compensation, they can change the working hours by offering more hours or flexibility. “
Survey bunker back up.
About 4 out of 10 workers quit because they worked long hours, while 3 out of 10 quit because they felt they were not given enough time to work.
Flexibility was a major factor in workers voluntarily quitting their jobs, with 45% of workers citing it as a major or minor factor. But for certain employees it was a big reason.
For example, about half (49%) of non-college graduates cited flexibility as the reason for their resignation, while 39% cited college graduates. More than half (52%) of minority workers said that lack of adequate flexibility in working hours and transfers contributed to their leaving the job, compared to 38% of white workers.
Once they left, half of the workers said their new job gave them more flexibility during their work hours.
“Companies can make mothers more attractive by advertising the ability to flex working hours. Another possibility is that employers can offer more assurance around the clock, “said Bunker.” There are some work schedules that can vary greatly from week to week. . “
Benefits are still hard to come by
Benefits played a role in the workers’ decision to leave, with 43% citing work as a reason. Nearly one-fourth said that lack of medical insurance or closure of pay was the main reason for their resignation.
But changing jobs does not necessarily help employees get more benefits.
“Of the employees who left in 2021, only 42% said they had better benefits than their current careers, while 22% of employees said they actually had fewer benefits than their last position,” Parker said.
Covid and exit
Although Covid helped set up the labor landscape that triggered this great resignation, its vaccine was not a major factor in the workers’ decision to resign. Overall, according to the survey, only 18% of workers quit their jobs due to the employer’s need for vaccinations. But it varies greatly depending on the type of employee.
While only 21% of college graduates said there was a reason to drop the vaccine order, 34% of workers without a college degree cited it as a reason to look for a new job.
“The survey found that 27% of non-white workers quit because of the need for vaccines compared to 10% of white workers,” Parker said.
College-educated workers quit their jobs at a lower rate than non-college graduates. Those with a master’s degree were less likely to quit their jobs.
Only 13% of postgraduate students voluntarily quit their jobs, while 17% of college graduates quit their jobs and 22% of workers quit their jobs last year with high school education. In 2021, about one-fourth of low-income workers quit their jobs, leaving 24%. This is more than 18% of middle-income workers and 11% of upper-middle-class workers.
But age was the most defining reason, with 37% of employees under the age of 30 leaving their jobs voluntarily, compared to 17% of employees aged 30-49 and 5% of employees aged 50-64.
These young workers were more likely to leave, Parker said, because “they are in a more fleeting part of their careers.”
Ella Vincent is Yahoo Money’s personal finance reporter. Follow him on Twitter @ BookgirlChikago.
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