In the next 3-6 months, approximately 40% of workers plan on leaving their jobs
I have some news for you. The Great Resignation is just a term that was coined in early 2021.
It is actually a phenomenon that’s been going on for a decade.
Covid-19 cemented the trend.
As things settle down the rate of people voluntarily quitting has returned to normal levels. According to Harvard Business Review, the “average monthly quit rate has increased by 0.10 percentage points” since 2009. So, really we’re sitting right at the projected forecast.
That still means a lot of people are making big changes in their lives.
Where are they going?
Researchers at McKinsey & Company have recently released some interesting data answering that question.
McKinsey & Company identified 5 types of people that line up nicely with Harvard Business Review’s assessment of what is holding up this trend now.
|McKinsey & Company 5 Personas||Harvard Business Review 5 Factors|
You might be thinking these are the Baby Boomers. They aren’t! Well, some of them are.
As things stand right now, Baby Boomers make up 25% of the work population. Traditionalists make up 60% of currently employed personas.
Traditionalists are those that are easily wooed by all the old conventional methods. These include full-time hours, competitive compensation packages, perks, a good title, status at the company, and career advancement.
These are also the ones following the traditional path of work until you’re old and retire to a good life.
There was a mass exodus of early retirees during the pandemic. Now, nearly 1.5 million have reentered the workforce.
Traditionalists are the group not likely to go anywhere anytime soon.
Idealists tend to be younger, around 18-24 years old.
This group is branching out, but not too terribly far.
Rates of physical relocation have been on a downward trend for two decades. When we do talk about moving, we’re referring to the ones who are staying close to home, often sticking within the same county.
Idealists are typically students and part-timers. They are fairly unencumbered and have almost an opposite priority list to the traditionalist, with compensation being at the bottom. Their emphasis lies in flexibility, meaningful work, and a community of supportive peers.
This group will be your job hoppers looking for the perfect place to fit in, especially now that the stigma of job hopping is coming off the table.
The pandemic forced everyone to decide what mattered most to them. It suddenly became very clear that life is short.
Caregivers are the group that decided to stay home (when not being mandated) to care for family and self.
When it came time to re-enter the workforce, they found that traditional methods were no longer an option. They discovered they were working to pay for childcare. They discovered their job made them miserable. They discovered they had gotten stuck in their careers.
This group is the most willing and ready to return as long as their workplaces offer A LOT of flexibility, compensation to compete with the rising cost of childcare, and a clear path of advancement.
This group is all for autonomy.
The age range is between 25 to 45 years old, and they want to be in charge.
What aligns them with reshuffling is the idea that these workers are staying in the same sectors but defining their own rules.
They say to write what you know. These people are doing what they know. Whether it’s contracting, gig-work, side-hustles, or starting a business, they are expanding their careers outside of the traditional work arena and will be hard pressed to rejoin.
This group is the one holding out on returning to the office. Their priorities changed drastically once Covid hit.
These people are a large mix of mostly retirees wanting to come back to something less stressful or for the right compensation into a traditional role and those not willing to put their life on the line to make someone else a coffee. (Thank you to those who are making those coffees!)
Retirees are also in a tough spot. They are, most certainly, feeling the heavy hand of inflation and some are being forced to return to work. Retirees that are choosing to return to work are hard for employers to hold on to as they have nothing to lose if they quit.
Where Are They Going?
To recap, the estimated 40% of employees getting ready to jump ship are not going to tank our economy by going home and refusing to return en masse.
They are simply making necessary changes to align with their new priorities, benefiting themselves and future workers by fighting for better pay, more flexibility, increased diversity, higher levels of community and support, and more meaningful work.
Will you be part of the 40%? Where will you go?
Let Resume Assassin help you in that next step.
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