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Is the Great Resignation Slowing Down?

Dan Shepard
Dan Shepard is the managing editor for studies and surveys at LendingTree. In this role, he edits studies and surveys for LendingTree and its subsidiaries ValuePenguin and DepositAccounts.
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Pearly Huang
Pearly Huang is the copy chief at LendingTree. Pearly has previously worked at the Huffington Post, American Express Publishing and more.
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Content was accurate at the time of publication.

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.

TABLE OF CONTENTS

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.