What is The Great Resignation?
To best understand The Great Regret and how it may impact the future, it is helpful to gather an understanding of The Great Resignation.
You have probably heard about the record-shattering numbers of people voluntarily leaving their jobs in recent history. The Great Resignation is a term that describes the mass voluntary exit of employees from their jobs. Statistics show that in December of 2021, 4.3 million workers left their jobs, part of the 47.4 million people who left their jobs for better work during the pandemic and Great Resignation. Throughout 2021, an average of 3.98 million workers per month left their job, and there was a 125% increase in resignations in 2021 compared to 2012.
Events with this level of impact do not simply fade into history. An aftershock of The Great Resignation is known as “The Great Regret.”
What is The Great Regret?
The Great Regret describes the mass of people who resigned from their job and now regret their decision. According to a poll by USA Today, one in five workers regrets quitting their previous job over the past two years, and only 26% enjoy their job enough to stay. In addition, 30% of respondents believed their new job differed from their expectations, and 36% felt their work-life balance suffered from the job change.
Combating The Great Resignation
It is important to acknowledge why people quit their jobs. Two major causes of The Great Resignation include:
Job openings: Many jobs suspended or lost during 2020 returned in 2021, meaning people had more opportunities to secure new jobs, sometimes in different industries.
Burnout: As mentioned above, burnout and lack of work-life balance significantly impact employees’ lives, specifically in the healthcare industry.
With the high level of employee dissatisfaction, even after a job change, you may begin to wonder if history will repeat itself. The costs associated with turnover are no secret. It is estimated that losing an employee can cost an organization 1.5-2 times the employee’s salary. Non-monetary costs associated with turnover include lost productivity, missed deadlines, and even damage to the brand.
How can employers ensure employees feel valued and increase retention?
An excellent place to begin is identifying employee satisfaction and why it is crucial. Employee satisfaction is a measure of how content an employee is with their job, but also with their work environment and overall company culture. This measure is imperative because it has significant implications on a company, including its bottom line. Satisfied employees are far more likely to be proud of their work and have a solid loyalty to the company and its values.