Why Americans Are Still Quitting Their Jobs

The pandemic lockdowns are over; the spread of the coronavirus has slowed; and life has returned to normal. But many Americans are still quitting their jobs, in what some job market watchers have called a “big resignation.” They usually list it as one of the factors behind the ongoing labor shortages plaguing the US economy, fueling higher wages and inflation.

But what is really driving Americans to quit their jobs? A recent JobList survey of 25,000 jobseekers across the country over the past three months finds that the main reason for the large layoffs is that workers are unhappy due to a deep dissatisfaction with previous employment situations.

“Some of the top reasons for workers leaving their jobs this year are dissatisfaction with how their employer has treated them during the pandemic (19%), low pay or lack of benefits (17%) and lack of work-life balance ( 13% ),” says the report. “On the plus side, many workers also report quitting to pursue a new career path (20%), reflecting how the pandemic has created opportunities for some to change fields or move up into more attractive positions.”

Cheri Wheeler, vice president and senior advisor at Kelly Benefits Strategies, believes the big layoff isn’t about people quitting their jobs and retiring from the workforce altogether. It is instead being driven by prospects for new jobs, with workers wanting higher pay and younger workers wanting a better work-life balance.

“It’s no longer attractive to just offer health care, 401,000 and a competitive salary,” Wheeler said.

In addition to traditional retirement plans, employees are looking for wellness benefits, more support for children and the elderly, and additional PTO to look after family,” she said International business hours in an email. “In addition, nearly 8 in 10 workers want their employer to offer financial well-being benefits, student loan repayment programs, and other financial tools.”

But Joe Mull, author of the forthcoming book Employee: How to Ignite Commitment and Keep Top Talent in the New Age of Work (May 2023, page 2 publication), questions the existence of the Great Resignation at all. Mull thinks it’s a big myth and points to a record-low unemployment rate.

“In the last two decades, there have only been a handful of months when unemployment has been lower than it is today. The percentage of prime-age workers participating in the workforce is now higher than it was ten years ago,” he told IBT. “Yes, a few people have retired early or started their businesses, but overall it’s a tiny number.”

Like Wheeler, Mull argues that Americans are quitting their jobs to seek better ones. He calls what others refer to as a Great Resignation a Great Upgrade that began with a burnout in the US workplace a decade ago.

“For some, that’s an improvement in pay. For others, it’s an improvement in commutes, fulfillment, or appreciation, but across the board there’s an overall improvement in some aspect of quality of life,” he added. “There is a massive recalibration of how work fits into people’s lives. As a result, more employees than ever are willing to pull the trigger to change jobs to improve their quality of life.”

Still, Americans’ desire to change jobs cannot explain the sharp decline in the labor force participation rate from 66.2% in 2008 to 62.2% last month, according to the latest Labor Department data.

Many other factors are also at play, such as the retirement of the baby boomer generation, generous child tax credits that distort labor force participation, and the rise of the “nomad class” of long-distance workers.

Given the changing nature of the US workforce, the debate between the Grand Resignation and the Grand Update remains open

https://www.ibtimes.com.au/why-americans-are-still-quitting-their-jobs-1839409?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Why Americans Are Still Quitting Their Jobs

Fry Electronics Team

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