Quit rates have skyrocketed in recent months. Millions of Americans are leaving their jobs, even as others are struggling to find opportunities. The decision to quit during seemingly uncertain times may seem odd. However, many of those that do feel that their justifications are reasonable. If you are wondering why people are really leaving their jobs, here’s a look at some of the most common reasons.
Retirement
Overall, the population in the United States is aging. Couple that with the stresses of the pandemic, concerns over health, and feeling that they can financially support themselves without maintaining their current position, and a slew of workers decided that now was the right time to retire.
While many of those who made this decision lost their positions during the pandemic, others had remained employed. For a portion of those in the latter group, 2021 was likely when they planned to retire anyway. For others, the pandemic simply altered their perspective, making retirement more attractive.
Better Pay
Today, competition for reliable workers is relatively fierce. This creates opportunities for those with transferable skills, allowing them to take advantage of the market to secure a higher-paying position.
At times, this simply means transitioning to a competitor. If a worker can secure a higher pay rate in their current industry elsewhere, they might seize that opportunity.
Some of these transitions are related to workers who accepted positions during the pandemic that don’t align with their broader career goals. During the pandemic, job opportunities were limited, so a portion of the workforce likely accepted positions that they didn’t necessarily intend to keep. Now that re-opening processes are well underway, they are leaving for roles that fit their objectives.
Others are the result of career changes. As employers began struggling to fill open positions, many became more lenient when it came to qualifications. This allowed some workers to shift into preferred industries or pivot into new directions, essentially giving them a chance to take advantage of the current climate to make a move that wasn’t previously available.
Better Cultures
At times, pay rates or career growth had little to do with a worker’s decision. Instead, it was their employer’s culture that spurred the change.
Not all companies were particularly supportive of their work forces during the pandemic. At times, there was even blatant mistreatment. In others, companies seemed to undervalue their employees’ contributions.
While the employees stayed when job opportunities were scarce, the climate has since changed. Workers don’t feel that they need to tolerate what they perceive as poor treatment or bad cultures. Instead, they can seek out positions elsewhere, aiming for companies that have reputations for positive cultures and caring for their teams.
Remote Work
During the pandemic, many professionals began working from home out of necessity. As time passed, some began to favor the arrangement over reporting to an office, feeling they were more productive or that they had achieved better work-life balance.
With re-openings moving forward, some companies are requiring their employees to return to the workplace. For certain professionals, this essentially became a deal breaker.
Instead of staying with an employer that was mandating heading back to the office, they sought out positions with companies that were supporting long-term remote work. Since many organizations are more open to that concept post-pandemic, opportunities are relatively plentiful, causing many professionals to leave their positions for full-time remote alternatives.
Security
The pandemic highlighted the vulnerability of certain industries. Many professionals who believed their careers offered a degree of security discovered that they were mistaken, causing them to rethink their broader career plan.
For those that wanted more security, finding a new path was the logical step. At times, this meant transitioning into a new industry. In others, it meant starting a business or pursuing self-employment. However, regardless of the new direction, quitting their current job was universally part of the equation.
Happiness
Many people say their personal values change during the pandemic. Many became acutely aware that life can be short, causing them to view their day-to-day in an entirely new light.
While the core motivations here often varied from one person to the next, the outcome was the same. Once they began redefining what they wanted from life, some determined that their current employment arrangement didn’t fit with the life they wanted to live moving forward. Then, in order to be happy, they decided that leaving the job was the best move.
Ultimately, people are leaving their jobs for all of the reasons above. Couple that with typical churn, and quit rates have continued to number incredibly high. While the situation may calm once a level of normalcy is restored, the landscape today will reshape the business world, possibly for months, years, or decades to come.
Have you recently quit a job? Do you know of other reasons why people are leaving their jobs? Share your thoughts in the comments below.
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Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.
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