The pandemic had many long-lasting effects, and the Great Resignation may have had some of the most far-reaching consequences.
Increasingly, people have recognized that they are in the power seat and are moving to better jobs because of it. They know they can get ahead financially by moving to a new company or role.
Here is a list of five reasons people quit their jobs and four things you can look for in your next role if you want a more fulfilling one.
Make Money: 8 things to do if you're barely scraping by financially 1. The pay is too low
While the federal minimum wage is an ongoing source of political contention, employees took the matter into their own hands and quit their low-paying jobs in record numbers.
In late 2022, 46% of workers planned to quit during 2023, with the majority seeking a higher salary. People recognize that they can make more money if they move on.
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2. No opportunity for advancement
Besides low pay, 63% of workers also cited the lack of potential for advancement in their position as their reason for quitting.
This makes sense. If workers aren’t making much money and know they never will, they'll likely be looking for a better opportunity.
But a promotion is also a sign of respect, and if an employee realizes an employer doesn’t promote from within, they may not be committed to the job.
3. They don’t feel respected
Respect played a big part in the Great Resignation, with 57% of workers citing feeling “disrespected at work” as a reason they quit.
Being taken seriously and being listened to is a winning strategy for just about everyone. If you don't feel that way about your current organization, then it might be time to look for something new.
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4. Childcare issues
The pandemic brought many already simmering issues to a boiling point for workers, with childcare being the greatest. Nearly half the workers who quit during the Great Resignation named childcare as a major reason.
Having a child learn remotely when the parent was trying to work played a large role in this, but infant care, summer vacation, and sick days have always been issues for working parents.
You may now realize that you can find a job that enables you to work from home, provides child care when your child is sick, or helps you with your younger children.
5. They were working jobs that didn’t work for them
Issues like flexibility, too little PTO, and subpar health insurance packages were also cited as significant factors for workers quitting their jobs.
The Great Resignation seemed to boil down to workers realizing they could do better. The pandemic reminded them that we all have one life to live.
What you can look for in a new role
If you feel like it's time to look for something new, you're not alone. Some employers are listening to workers' demands and trying to provide the things you may crave.
Let's look at some things employers are starting to offer or change that you might value as you're looking for a new role.
Get Out of Debt for Good: Try these 6 clever ways to crush your debt 1. Higher wages
Low pay and lack of advancement are the primary reasons people quit. Companies that pay employees more money will have a leg-up on finding the best talent.
If you can find a role that you qualify for and that pays more than the market, that might be the right company to find a job at since they value their employees more than others.
2. Companies with beefed up benefits
Providing better family leave, in-office daycare, better health insurance options, or more PTO are among the ways you can identify employers trying to make their company an appealing workplace.
Receiving another week of vacation can be a huge boon to your creativity and work/life balance. It can make a difference in feeling like you can actually breathe and be productive in your personal and professional life.
3. Companies wanting to help you grow
Pumping up a team is important for morale, but if this is the limit of a company's motivational strategy, the employees are likely to feel like just another number.
If you feel underappreciated for your work, you might burn out. To combat this, some companies are investing in their employees by helping them individually.
Recruiters who mention mentorship or the value they have in internal employee growth are great things to look for in a new company if you crave improvement or recognition.
Break the Cycle: 8 moves to escape the paycheck to paycheck grind 4. Respect
If a company offers all three of the previous things, then there's a good chance it greatly respects its employees.
The company values will give you great insight into the company itself. Do their values center around growing as fast as possible and making as much money as possible? Those things are important, but company values are what you'll live every day.
If a company craves employees who collaborate and grow with it, then it'll likely have specific values that speak to it. Find ones that align with what you're looking for.
Bottom line
People are realizing they can always level up with a new role. While many are still quitting, plenty are finding the roles they want to help them stop living paycheck to paycheck and improve their mental health.
You can improve your financial situation and find a role that is a good fit and values your efforts. If that's what you want, make sure you know what you're looking for.
Money tips that can work for everyone
No matter what your bank account balance is, there's always an opportunity to optimize and improve your finances. Here's a quick checklist of things you can look at today.
Focus on paying off your debt . Debt can hold you back from making progress with your overall financial well-being. Aside from cutting expenses, there are tools that can help you pay off debt faster like balance transfer credit cards and debt counseling.
Earning extra income can give you breathing room. If finances are tight, earning some extra money to supplement your income can make a huge difference. A new job is one option to consider, but if you're not ready to make a big change or already retired, a part-time side job could be a better choice.
Cut your expenses. It sounds painful and so not fun, but it doesn't have to be. Take a look at your biggest expenses because that's where you'll probably find the biggest savings. For example, auto insurance rates have been soaring so shopping around for a new insurance company can be the fastest way to cut your bill. Also, look for ways to cut your grocery bill (despite rising inflation).
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