The Great Resignation remains strong as of March 2022. According to a recent survey, nearly half of all American workers are looking for a new job. Or, they plan to look for a new line of work soon.
Great Resignation Remains In Full Swing
Given the number of Americans looking for new jobs to replace their existing ones, the Great Resignation remains in full swing this year.
This phenomenon, which started during the pandemic, saw a number of Americans ditching low-paying jobs and switching to lower-risk but higher-paying work.
A Willis Towers Watson 2022 Global Benefits Attitude survey reported that this year, 44% of current employees labeled themselves as “job seekers”.
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11% of these workers have plans to look for a new job this first quarter of 2022. The remaining 33% are already actively seeking a new position since the last quarter of 2021.
The survey covered 9,658 American employees from large and midsize private employers. These companies represented a broad range of industries. Willis Towers Watson conducted the survey between December 2021 and January 2022.
Workers Are Open To Go Somewhere Else
Tracey Malcolm, global leader at Willis Towers Watson, said that workers are still on the lookout for that desirable job. “The data shows employees are prepared and open to go somewhere else,” she confirmed.
The Great Resignation started when demand for workers started coming back in 2021. However, even after a widespread shutdown in 2020, many employees held back from returning to their old jobs.
As a result, job openings swelled while layoff rates began to fall. As companies began to grow desperate for warm bodies, many offered higher pay to get the top employees.
48 Million Americans Quit Their Jobs in 2021
According to the Department of Labor – Bureau of Labor Statistics data, around 48 million workers quit in 2021. This set a record for the highest number of resignations made in a year.
Meanwhile, for January 2022 alone, around 4.3 Americans walked away from their jobs.
However, the data shows that Americans aren’t quitting en masse to stay at home. The is currently experiencing a resurgence after a long bout of COVID-19.
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A combination of a strong job market plus higher pay and better opportunities means that many workers are moving on. It’s not just jobs, but many employees altogether decided to switch industries.
Pay is the Top Reason To Quit Their Jobs
56% of the workers surveyed said that a pay increase is what’s needed for them to switch jobs. In 41% of these workers, a modest 5% pay bump is enough to make them leave their old job.
Many will find it handy to have extra money. The US is currently experiencing high inflation, which is making prices of everything higher than ever.
Meanwhile, around 20% would take a new job for the same pay. The top reasons they mentioned included job security, health benefits, retirement funds, and flexible work arrangements.
Many want a continuation of the work-from-home setup they used during most of 2021. They want less time commuting, lower transporting, and a balanced work-life schedule.
Watch the TODAY Show video reporting on what companies are doing to avoid the ‘Great Resignation’
What do you think of the Great Resignation? Do you think higher-paying jobs are still available at this point? Also, do you prefer a continuation of the work-from-home arrangement?
Let us know what you think about looking for a new job. Share your comments below.