4 Reasons Why “The Great Resignation” Is Not Stopping

May 30, 2022

Posted by: Matt Nagler, COO & Co-Founder, BANKW Staffing

Matt naglerHave you noticed an influx of ‘now hiring’ signs and recruiters in your inbox lately? You are not alone. Since COVID-19 there has been a massive shift in the job market across all industries. From restaurants to large marketing agencies, many companies spent the last few years working with skeleton crews. 

Currently, the global talent shortage is around 40 million skilled workers, and the number is projected to grow. Many people may have lost their jobs due to closures and lay-offs, but now they are actively leaving. The rate at which people are quitting also reached a 20-year high in November 2021 

The pandemic gave everyone a new perspective when it comes to working. With almost two years of life-changing events behind us, there is a lot to think about. Do you want to commute to an office every day and sit in a cubicle? Maybe not.  

In December, 4.3 million Americans left their jobs in what is now known as The Great Resignation. We’ve put together a list of the top reasons why this is happening across the board.  

They’re Self-Employed Now 

One of the biggest reasons it was hard to find good talent during the Great Resignation is that people had a lot of time to sit at home and think. Idle hands are never good, so people got busy. Currently, there are around 500,000 more self-employed workers than there were at the start of 2020.  

According to the Wall Street Journal, the number of people who consider themselves self-employed rose from 5.4% to 5.9% during the pandemic. Sites like Etsy and UpWork have also seen an immense increase in users. So, if you’re wondering where everyone is, they aren’t in offices. They are at home working on their passions.  

Toxic Work Cultures  

You may be surprised to find that when you look at the data regarding the Great Resignation low pay isn’t the main reason. The top reason reported is toxic work culture. Employees began to notice how poorly companies were handling issues such as diversity, respect, and ethics. As the mass exodus of employees continues, businesses are looking for solutions to create a more inclusive workplace with a forward-thinking attitude in their policies.   

Poor Response to COVID-19 

Another huge factor in the Great Resignation is how employers responded to COVID-19. With families at home, workers at organizations who handled health and safety concerns in an unsatisfactory manner lost many employees.  

Lack of Performance Recognition  

It’s disheartening when you put your all into a job and don’t feel appreciated. During the pandemic, workers realized they didn’t have to put up with companies that didn’t appreciate their talent. In fact, 63% of workers who left their jobs in 2021 did so because of low pay. If they aren’t being compensated properly for their talent, employees are likely to look elsewhere.  

The Great Resignation Will Continue

The bottom line is that low pay is NOT the only issue in the Great Resignation. People are learning to stand up for themselves and find what they want in a job. They are also using their talents to create their own businesses. The pandemic changed the way the job market works, and it will continue to do so.  

About BANKW Staffing

Through its portfolio companies, KBW Financial Staffing & Recruiting, Alexander Technology Group, The Nagler Group, Sales Search Partners, and KNF&T Staffing Resources, BANKW Staffing, LLC is the leading regional provider of temporary and direct-hire staffing services in the areas of finance, accounting, information technology, office and administration, legal, human resources, and sales.

BANKW Staffing companies have received over 100 awards for rapid growth, business excellence, and workplace quality. Recognition includes Inc. 500, Boston Business Journal’s “Best Places to Work” and Business NH Magazine’s “Business of the Year”.

Learn More – https://www.bankwstaffing.com

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