Many positions have been left vacant with an unprecedented number of people leaving their employment voluntarily. Over 4.5 million people left their jobs in March.
America is witnessing a large amount of job quits in record numbers. In many cases choosing to quit rather than return to the office as employers end remote work policies. Edging out a record that was set in November and rising 23% from a year earlier. The new job openings also set a new high, at 11.5 million, as employers struggled to fill vacant positions amid surging labor costs. This installment in a Pandemic-era is known as the “Great Resignation”.
Employers are lulled by high pay, bonuses, and generous benefits packages to attract workers to fill the vacant positions. But Americans, now increasingly prioritizing time away from work, some companies even tried to compete by offering more days off. Businesses also are reluctant to fire workers, finding it difficult in replacing them.
With the easing of Covid restrictions, millions of workers are realizing their old ways of earning a living are not tenable anymore. Though they are not abandoning their jobs forever, some are finding new jobs, or just rethinking their entire career options.
The labor industry is majorly hit by this rapid quitting of jobs. And also affects the economy because new employees are given higher pay than usual. Here are some of the reasons why people are quitting their jobs.
Burnouts and Dissatisfaction
Salary is not only the reason why workers are quitting their jobs. A March survey found that low pay was the reason why people left their job last year. But this year, it is followed by a lack of growth and opportunities for advancement in their job role. And 35% of people said that they felt disrespected at work which became one of the contributing factors. Employees worked for more hours, but their productivity graph dropped during the pandemic period.
Keeping Pandemic Flexibility
The Pandemic taught people that plenty of work gets done, even when everyone has a slightly different schedule or is juggling various priorities at home. Workers are now prioritizing flexibility more than salary. It suggests that workers are now seeking autonomy to decide when, and where they work rather than the set hybrid schedule of in-person and remote workdays. Family time and child care have contributed to seeking flexible timings in the workplace.
Pay a Factor, but Not Sole Motivation
Even if the pay is a secondary reason workers are considering a career change. It’s hard for one to ignore these factors. Rapidly rising inflation over the past years has made many households realize how far their income reality stretches. A hike in pay also didn’t seem to keep the workers happy. As they felt that increase wasn’t enough to cover their rising costs due to inflation.
All these factors have become the reason for the mass quitting of the job. Modern-day workers require modern solutions and the modern necessity to be met. Workers have faced difficulty in their job from time immemorable, also the exploitation of employers contributes to these problems. As Karl Marx had said, “a specter looms large over Europe, the specter of capitalism”, here in America the specter of unemployment looms large.
