Knock on wood, cross your fingers and break out the lucky dice because Covid 19 seems to be slowing down. While that is something worth celebrating, not all the effects of Covid were terrible. The stir-craziness of the pandemic caused Americans to reevaluate their work values and priorities. The said phenomenon created the Great Resignation and sparked record high change.
WHAT IS THE GREAT RESIGNATION?
The United States is not ranked as a top industrialized country for best places to work because of its notorious reputation for lacking a work-life place. According to Early Bird, 7 out of 10 countries with the best work-life balance are in Europe. The Great Resignation is the continuing trend of employees quitting their jobs since 2021. The Great Resignation is still in full swing in 2022. According to CNBC, almost 4.3 million people left their jobs in January alone (the record high was November 2021). While there was a sea of employees quitting, there were another 11.3 million job openings created in January.
The pandemic caused employees to ask themselves what they wanted from their job, creating greater opportunities.
- Do I want to continue to work for less pay when the cost of living is going up nationally?
- Do I want the flexibility to be remote, hybrid, or onsite?
- Do I want more recognition and advancement?
- Should I have a better onboarding process?
- Should I focus more on my mental health and well-being?
Employees in record-high numbers are stressed, dissatisfied with compensation, and unhappy with their employer. The pandemic shed light on work problems.
- 80% of employees expect a pay raise.
- 44% stressed about work-life balance.
- 33% are planning to change employers next year.
- 76% of employees say better perks and benefits offered by another company are a solid reason to leave their current company.
- Of the employees that reported they weren’t satisfied with their salary, 78% plan to look for a new job.
Source: 24 | 7 Salary Guide
THE GREAT OPPORTUNITY
What’s the good news? Employers are hearing the complaints and compensating to keep good workers. In fact, 60% of employees reported they received a raise in 2021 (up from 32% in 2020). 70% of managers said their company is taking steps to make compensation more competitive to win over top talent. 26% of respondents in a new job said their previous employer made a counteroffer trying to persuade them. 72% of respondents in new jobs said their new employer was willing to negotiate their offer to win them. 50% of employers added perks and benefits within the past year (Source: 24 | 7 Salary Guide). Organizations know remote work, better bonuses, and pay is becoming the standard to keep talented employees. This is great for employers; making job opportunities more desirable attracts top talent. Top talent provides better results, company growth, and engaging work culture. The Great Resignation is creating greater opportunities for both employees and employers.