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Is the Great Resignation Slowing Down?
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The Great Resignation — a trend in which workers in various sectors from retail to hospitality to manufacturing are quitting voluntarily in droves — has had employers scrambling to retain talent.
However, according to a recent survey from Employment BOOST, a career services and resume-writing company based in Troy, Mich., 84% of workers say they don’t anticipate switching jobs in 2022.
Workers feel secure about their jobs
Among the Employment BOOST respondents, 88% aren’t worried about losing their jobs this year. However, there’s a slight gender divide, as a higher percentage of men (53%) are afraid of losing their job than women (48%).
While workers feel fairly secure about their jobs, chief executives feel starkly different. Recent research from management consulting firm AlixPartners found that 72% of CEOS are worried about losing their jobs in 2022 due to business disruptions.
What workers want: Money, money, money
While greater flexibility and benefits might be the drivers of what cause workers to leave their jobs for greener pastures, money is another carrot-dangling incentive.
According to the Employment BOOST survey, 42% say greater compensation would be a major motivator for a job change in 2022, followed by:
- Working from home (15%)
- Benefits (14%)
- Flexibility (12%)
- Relocation (10%)
- Sector switch (3%)
Among those surveyed, 45% say they wouldn’t shift jobs for any of these reasons.
Salary, compensation main factors for workers
Health concerns, unpredictable child and family care and a greater desire for flexibility are major factors that led to the Great Resignation. But what are workers’ biggest priorities in 2022?
Employment BOOST survey respondents say salary and compensation are — by far — most important, with 43% citing this. That’s followed by:
- Flexibility/remote work arrangement (19%)
- Benefits (17%)
- Job growth potential (16%)
- Role and responsibilities (6%)
It’s important to note that while the Great Resignation might be slowing down, it won’t come to a full halt. In fact, a record 4.5 million folks left their work posts in November, according to the latest data from the U.S. Bureau of Labor Statistics.
People thinking about leaving their job and starting a business can use our free checklist. Among the checklist items is assessing sources of startup funding. First, see whether trusted friends and family might be willing to provide a financial boost. If not, you could consider a small business loan. Depending on what you need, you might find a loan that’s a good fit for you, from the amount to the term to the APR.
Methodology: Employment BOOST conducted a survey in December 2021 of about 500 U.S. workers ages 18 to 65.