Is the Great Resignation 2.0 on the Horizon?

The Great Resignation period of the pandemic was only a few years ago, but we might already be seeing the headwinds of the Great Resignation 2.0 as more overworked and underwhelmed employees considering resigning. More and more workers are reporting feeling overworked and underpaid, overtasked and underappreciated.

Nearly 30% of employees plan to make a job change in the near future, according to a recent PwC report on the global workforce, topping the 19% who gave the same response just two years ago.

Should I stay or should I go?

Employees today note an increased workload, feeling underpaid for their work, the demands and pace of new technology and the desire for something else as top reasons for a potential resignation. Likewise, more workers believe that they need time to manage their personal life and goals and are willing to resign to achieve a better work-life balance.

These trends are not just happening in the United States but are taking shape across the globe, particularly in Europe where companies are also facing increased worker shortages and resignations.

How companies can respond

Companies that place a premium on worker wellness and flexibility will be the winners in the Great Resignation 2.0. In addition, workers want regular training and education on new technology that can improve their skill sets, overall productivity and work quality, with the aim of bolstering salaries. Employees want to be seen and heard in the workplace – or they will leave for another opportunity.

Managers can also help employees who are struggling with current workloads, and mentorship programs are especially valuable.

While many companies across the globe are trying to do more with less, the companies that focus on employees may come out ahead when it comes to worker longevity and productivity.

Is the Great Resignation 2.0 on the Horizon?

In 2022, the world witnessed the “Great Resignation” as about 47 million workers quit their jobs in the wake of the pandemic. Some economists are wondering if the Great Resignation 2.0 will make an impact in 2024 since nearly 3 in 10 workers say they will quit their jobs by year-end. A Resume Builder survey of 1,000 full-time employees in the workforce noted that 28 percent expect to resign later this year, particularly younger workers ages 18 to 34 and those in the service industry.

Those who plan to make a career move say they will do so to increase salary, flexibility and job satisfaction. More than half of these workers cite low pay as a primary reason for the planned movement and nearly 45 percent want better benefits and reduced job-related stress.

In response, employers may need to rethink salary and benefits packages as well as remote and hybrid working options. However, since it remains an employer’s market, it may take a swing back to a candidate market to shift these trends.

Interestingly, many workers who participated in the initial Great Resignation later admitted that they regretted the decision to resign.

Is the Great Resignation for You? 7 Things to Consider Before You Give Your Notice

As a record number of people continue to resign their jobs and walk away from their careers, the Great Resignation is roiling the economy and changing the fortunes of businesses and workers alike. Should you stay or should you go?

Before you make your next move or quit your current job, make sure you have the following 7 steps covered:

1. Determine why you want to resign. Are you unhappy at work? Seeing better job opportunities elsewhere? If you like your company but want to pursue a new position or greater job flexibility, for instance, you might first want to talk to your manager about growth opportunities on the horizon. If you are looking for a complete change of industry, then it might be time to move on.

2. Plot your next step. Whether you want to be an independent contractor, go back to school or tackle a new position at another organization, it is important to have a plan for the future. Determine what steps you might need to take in the meantime.

3. Evaluate what you have and what you want. Don’t look at salary alone. Benefits and company culture should also play into any potential resignation decisions. If you love your team and the work-life balance you have, that can be a check in the “stay” column where poor company culture can definitely contribute to “go.”

4. Shore up your savings. If you are planning on taking some time in between jobs, moving to a new location or returning to school to enhance your current skills, then you may need to rely on your savings for a period of time. Start now, by putting a little extra aside each week so that you have a cushion when the time comes to resign. You may also want to consider some side jobs that can help you along the way.

5. Start looking now. As they say, the best time to find a new job is when you already have one. While this requires some dedication, it is smart to have your next position plotted out and an offer in hand before you quit your current job. Then you can negotiate a little time in between, if that is what you’re looking for.

6. Leave on a high note. Make sure you give adequate notice (which may be more than two weeks, depending on your industry and position), determine who can provide future letters of reference and thank your current team. It can be tempting to leave a job you don’t love in a blaze of glory, but that can definitely come back to haunt you later. Try to leave your job on a positive note.

7. Focus on your priorities. What can make your next job an even better fit? What are your overarching goals? Keep your top priorities top of mind as you move on to your next opportunity.