The Great Resignation pt. 2 – It’s Coming

While it seems like The Great Resignation is a thing of the past, a new wave of resignations looms: The Great Resignation pt. 2.

Despite efforts by companies to improve conditions, many issues remain unresolved, hinting at a renewed exodus from workplaces.

1. Employee Burnout and Dissatisfaction

In 2024, many employees feel so bogged down by work that far more people are considering resigning now than during the mass resignations we saw in 2022, auditor PwC found in its Global Workforce Hopes & Fears Survey published recently, covering over 56,000 workers worldwide.

Many workers face burnout and dissatisfaction. Remote work, initially seen as a solution, has blurred work-life boundaries, leading to demands for better arrangements. The ongoing stress has reignited disillusionment, pushing employees to seek environments prioritizing well-being and mental health.

2. Changing Workforce Priorities

Employees now prioritize flexibility, meaningful work, and quality of life over traditional job security. Remote work has become commonplace, and younger workers value purpose-driven work and social responsibility. Companies failing to adapt risk losing talent to more aligned competitors.

On the other hand, companies who are aware of changing trends and ready to make the necessary changes are gaining a significant competitive edge.

3. Attractive Offers Abound

The job market is fiercely competitive, with companies offering enticing packages, signing bonuses, and career opportunities to attract talent. To retain and attract employees, organizations must foster positive cultures, prioritize well-being, and offer growth opportunities.

Job openings in April 2024 hit their lowest point in over three years, according to the latest data from the U.S. Bureau of Labor Statistics. There were approximately 1.2 job openings per unemployed worker, a significant drop from the ratio of two openings per person around two years ago.

Despite this decline, many people remain eager to change jobs.

Benefits of Job Switching

In 2024, data from Moneywise indicates that job switchers can expect an average salary increase of 11% with each new position, significantly outpacing the raises typically offered for staying in the same job. Additionally, women receive an average wage growth of 14% when switching jobs, compared to 5.5% for men, highlighting the financial benefits of job mobility​.

Looking Ahead

The Great Resignation pt. 2 highlights the need for flexibility, mutual respect, and aligning values with employee expectations. Employers must proactively address dissatisfaction to mitigate resignations and navigate the evolving workplace dynamics.

Embracing these changes is crucial for thriving in tomorrow’s workplace.

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