We are in a rare moment in time. The Great Resignation barrels through the labor market. It seems like everyone is convinced they should be quitting now, even if they’re happy in their role, because something better is out there.
Case in point, according to new data from The Labor Department 4.3 million people — nearly 3% of the U.S. workforce — quit in August (it should be noted that women are leading this group with 5.5% compared to 4.4% of men, according to Gusto data.) Plus according to Gallup, 50% of the workforce are actively looking for new employment opportunities.
Younger workers are leading the way
Paychex’s latest research, conducted in partnership with Jeanne Meister and FutureWorkplace, found that younger workers are also a driving force in The Great Resignation.
In fact, more than one-third of Gen-Z and Millennials are actively looking for a new job. An increase in pay is by far the biggest driver of employee loyalty with 61% of employees agreeing that an increase in salary would motivate them to remain at their company. But should you just quit? What are the other important factors you might want to consider before taking the leap?
The Paychex survey found that employees in younger generations are less likely to be motivated by a pay increase to remain in their role. Instead, they prioritize factors like flexible work hours, learning and development, and mental health benefits. Many employees are also stressed by the new hybrid work model.
Employee loyalty is at higher risk among employees working in a hybrid environment than those working in a fully remote environment (73% vs. 58%.)There are questions you should ask yourself before you quit to help you assess the situation.
Mento, alongside their team of executive career coaches and organizational psychologists, has developed a state of the art quiz to help you determine your mental health state and how it is impacting your career views. TAKE THE QUIZ NOW BY CLICKING HERE.
For more advice like this, check out Mento’s advice section, Insights.