According to new research, more than 4 million people have left their jobs this year in the U.S.
A report from McKinsey and Co. found that 40% of workers are considering quitting their current jobs in the next 3-6 months.
Bonnie Dowling is one of the authors of the report. The willingness of workers to prioritize other things in their life beyond their job has changed.
What happens after people leave their jobs is less talked about than why people quit in the first place.
More than 2,800 people in six countries left their full-time jobs within the last two years to find out where they'd like to work.
Almost half of people who quit have found new jobs.
There are two factors that are driving this exodus, one of which is better odds of getting a higher-paid job in a tight labor market.
Dowling says that a lot of people realized how dangerous their industry was during the Pandemic.
At the same time, companies are still struggling to attract and retain employees, a situation that has caused a lot of headaches for HR departments throughout the U.S., but has also opened the door for job-seekers to take advantage of new opportunities that might have been out of reach before
Dowling says that more employers are opening their doors in order to meet the talent gap. More opportunities are being created for job-seekers due to the fact that they prioritize skills over education or previous experience.
More than 60 percent of workers who quit jobs in the consumer/retail and finance/insurance fields switched industries or quit the workforce entirely, compared to less than half of workers in health care and education who did the same.
Almost half of the people who quit without a new job in hand went back to work, but only 29% went back to a full-time job. The percentages are from a survey of 600 US workers.
18% of people found a new role with reduced hours through temporary, gig or part-time work or started their own business.
Dowling says that people are no longer willing to tolerate toxic bosses and toxic cultures because they can find other ways to make money. We have more opportunities for work now than before.
The White House said in an April press release that new business applications grew by more than 30% over the course of the swine flu.
It is also about escaping a toxic workplace. People's growing desire for flexibility is fulfilled by such non-traditional pastimes. The freedom to work from anywhere, or choose your own hours, has become the most sought after benefit during the Pandemic, so much so that people value flexibility as much as a 10% pay raise.
With a possible recession on the horizon, Dowling expects that people will continue to quit and change jobs at high rates.
Adrastic change in social norms around quitting has powered much of the trend "For a long time, you didn't leave a job unless you had another one lined up." Over the last 18 months, people have become more confident in their ability to find a job.
Dowling says that companies should look at the changing economic landscape in the US as an opportunity to build a better model.
She says that all employers have the ability to make meaningful changes. All signs point to the fact that they won't return to a "pre-pandemic norm", so we have to start taking action.
13,382 global workers were surveyed for McKinsey's report. An earlier version of the article had been published.
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