January 2022 saw 4.3 million people quit their jobs! This is part of what economists are calling the Great Resignation. The term was coined by Anthony Klotz, a professor of management at Mays Business School at Texas A&M University, who predicted the mass exodus in May 2021. Between April and December of last year 33 million people quit their jobs. That's 1/5th of the US workforce! So why did they do it? Pew Research just published a massive report after speaking with over 10,000 people who were in that group.
37% say pay was too low was the major reason they left, while 26% described it as a minor reason.
- Other top reasons include:
- No opportunities for advancement (63% - 33% major/30% minor)
- Felt disrespected at work (57% - 35% major/21% minor)
- Because of childcare issues (48% - 24% major/24% minor)
- Not enough flexibility regarding hours (45% - 24% major/21% minor)
- Benefits weren’t good (43% - 23% major/20% minor)
- Working too many hours (39% - 20% major/10% minor)
- Working too few hours (30% - 16% major/14% minor)
61% of those who quit last year say it was somewhat easy for them to find a new gig, with 33% describing it as “very easy.” 20% say it has been difficult finding a new job.
Of those who quit a little more than half say they are in a better position now.
56% say they are now earning more money. 53% have seen more advancement opportunities. 53% say their new job makes it easier to juggle work and family. 50% say they have more flexibility with their hours.