What is the Great Resignation

Business professionals everywhere, working remotely or not, have been experiencing what has now been coined the “Great Resignation,” AKA the Big Quit, because employees in many industries are voluntarily leaving their jobs in large numbers to search for better jobs and careers.

The Great Resignation: Here's What You Can Do About It!

No one could have possibly predicted the calamity the COVID19 epidemic has had on our daily lives – including the way we now approach our work.

In 2019, the vast majority of corporate professionals made a daily commute into an office. At that time, fewer than 6% of Americans worked from home as their primary work location, and roughly 75% had never spent a single day working from their home ‘office.’ By May 2020, nearly 33% of America's workforce would be spending ALL of their working hours from home.

Instead of cramming into conference rooms, we've been conducting all of our meetings through conference calls and video meetings – and we’ve been able to make it work (for the most part).

Plus, we are now:

Saving time and gas money from the lack of a daily commute.
Investing more time in physical fitness or personal hobbies.
Working parents have been able to reduce daycare costs.
And we are spending significantly more time with our loved ones (which is a huge blessing but can also sometimes be a bit of a curse. HA!)

Best of all, we get to wear sweatpants to work every day! 😊

But here’s the deal...

Americans everywhere, working remotely or not, have been experiencing what has now been coined as "Pandemic Era Epiphanies".

While many of us have grown to love working from home, it hasn’t been all rainbows and butterflies either. It’s been harder to keep work separate from life and many of us are working more hours now than ever before.

Once vaccines were made available to the masses, employers began notifying employees it was time to return to their offices and cubicles. And the vast majority of employees are not happy about it. Many workers have been requesting permanent WFH (work from home) accommodations, have simply quit or have started looking for different jobs and career paths that offer remote work alternatives.

According to a PwC survey, 83% of employees who are able to work remotely want to do so at least once per workweek, and 32% desire to be home full-time.

Resignation rates are 10-15% higher than they were in 2019

Anthony Klotz, Professor of Management at Mays Business School of Texas A&M University, predicted the "Great Resignation" was coming in May 2021. Sure enough, from April-August 2021, over 2.5% of the US's workforce quit their current positions. According to Klotz's calculations, resignation rates are 10-15% higher than they were in 2019.

Employees have experienced a 21% increase in burnout

According to CNBC, between Dec 2020 and Jul 2021 alone, employees have experienced a 21% increase in burnout.

Workers are more stressed than ever. When we look at the data around burnout and resignation rates, it’s no wonder we have a significant % and the workforce wanting to step their jobs. The workload is also increasing exponentially for remaining workers who are either unable to work from home, their employers won't allow them to, and/or they are stuck with the extra workload from quitting team members.

Job searches for remote work are up 460%

People desire increased freedom in their work-life! I mean, who doesn’t benefit from starting a load of laundry just before sitting down to participate in a 3-hour Quarterly Business Review?

The psychosocial benefits of working from home also clearly indicate:

A greater sense of autonomy and control in life.
A sense of "retreat."
Additional time with family and loved ones.
More free time outside of work.

WFH has increased employee productivity by 13%

On top of all of that, the data also shows that productivity INCREASES when working remotely.

A Stanford study analyzed 16,000 employees over the course of 9 months and found that WFH increased employee productivity by an astounding 13%. This can be attributed to more controlled working environments, higher levels of comfort, and more hours dedicated to work due to reduced sick days and breaks.

How employers are contributing to the Great Resignation…

You'd think that businesses would be jumping for joy at the increase in productivity and the potential for reduced overhead. In theory, they could save a sizeable amount of money by getting rid of massive office spaces.

But that hasn't been the comprehensive thought process of many businesses and firms around the country. While some smaller organizations have adopted a completely remote work policy and some big companies like Apple, Amazon, Google, Microsoft, and Starbucks (corporate) have postponed their return-to-work policy until at least 2022 - many organizations are still pushing hard to get their workers back to work at their in-office desks.

Common citings from businesses is that company culture and values suffer from extended WFH policies, and that open-ended remote work hurts collaborative thinking and collective innovation, but the evidence just doesn't show that to be the case, and many workers are questioning whether or not "company culture" truly makes them more efficient employees.

In fact, a survey by Owl Labs shows that 23% of workers are open to receiving a 10% pay cut if they could work from home permanently. WOW! This means people are serious (and even willing to make significant sacrifices) to continue working at home.

While I wouldn’t recommend taking a pay cut just so you can work from home, I do understand the desire and encourage you to seek other alternatives where you could even INCREASE your income. More on that later…

Employees who are required to return to the office are getting increasingly more frustrated with being forced back into their company workspace for a variety of reasons:

Workers are saving an average of $3,000 - $8,000 per year, due to less money spent on dining out and cost reductions with gas and car maintenance.
Employees are saving an average of 10-60 minutes (and the additional energy) getting ready for work every day - and we get to wear more comfortable clothing (unless you work in IT – then maybe you have always worn sweatpants to work). HA!
Workers are saving roughly 54 minutes per day due to a lack of commute.
There are fewer distractions and pointless meetings.
We are spending more time with family (and if you have young kids, you may be spending less money on childcare as well).
Workers are generally just happier at home.

Given that there are so many benefits and so few downsides from a productivity standpoint, it’s no wonder employees are throwing their hands up and clearing out their desks if they aren't accommodated.

Almost HALF of the employees who haven’t quit already (or transitioned to a new job) are strongly considering it.

In a study conducted by Microsoft, 41% of the entire global workforce are at least considering leaving their current positions. This includes a staggering 54% of Gen Z workers, which is astounding. On top of that, 73% of employees in this survey want more flexible remote work options indefinitely.

This means that if organizations want to remain competitive, retain top talent, and create thriving work cultures, they need to work with their employees and adapt.

A NOTE TO ORGANIZATION DECISION MAKERS - the fact that 41% of your workforce may be contemplating leaving should be keeping you up at night! Many companies keep extending their pandemic-related WFH policies, but it’s time to find a longer-term, more sustainable solution to employees’ desires.

Perhaps there's more to it than remote work options...

Aside from the maladies and despair that have come from this pandemic, it has also given us opportunities to reflect and contemplate on what we really want in our lives. The daily hustle and bustle we were used to came to a screeching halt (for a while), and for the first time in recent memory, we as a people had time to pause and collect ourselves.

Maybe you are currently experiencing those "great epiphanies" and have decided:

You want to live more in alignment with your values.
You want to make a bigger difference in the world, and your current position isn't making the impact you'd dreamt of making.
Your compensation isn't as high as you want it to be or isn't equal to your professional worth.
And/or you desire permanent remote work opportunities.

These are all healthy realizations, and you should address them. A lackluster work environment, no growth opportunities, and under-compensation are things no professional should have to settle with. You should retire from your career knowing that the work you did made a meaningful difference and provided you the resources to live a comfortable life.

Rebranding "The Great Resignation” to "The Great Transformation”

This is a very interesting time which could be the perfect opportunity for you to make BIG changes in your career. Instead of looking at it as a "resignation" with your current or former professional life, think of it as a "transformation" into the work-life you really want. You only live once, right? There's no point in grudging through work conditions or accepting environments that are sub-optimal, especially when the world is shining a light on new and remote career opportunities.

Can you relate to this?

Do you enjoy the flexibility of sitting on your porch while you type out emails?
Or listening to your favorite band on full blast as you close out mindless or repetitive work tasks?
Perhaps you seek pleasure in slipping away for a cup of coffee or lunch with loved ones in between meetings?
Maybe you like to fit in a morning or afternoon workout (instead of commuting back and forth to your office)?
And if you have children at home, have you been able to forgo or reduce the pricey costs of daycare?

You may or may not be surprised to hear this, but the job market is currently super hot right now. Reuters found that job openings jumped up to 10.9 million in July, which is the highest it's been since December 2000. The most recent report from the U.S. Bureau of Labor Statistics is from August 2021, at 10.4 million openings, with roughly 16% of companies offering 100% remote work. And you know what? Many employers are having a hard time finding enough high-quality candidates right now.

So...it is time for you to enter the Great Transformation? Why not transform your career and upgrade to a much higher level of satisfaction? There is currently an abundance of opportunities.

As fun as flirting with that thought maybe, you may also have some questions that begin to arise:

What if I don’t really know what I want to do next?
What if I fall into the same trap again?
Will I be able to find the same or better compensation?
Would I regret my choices?

Well, that's what we're here for.

At Dynamo Careers, we've helped countless professionals gain extreme clarity on their best career path and then achieve their optimal careers. We specialize in Strategic Career Consulting to help you identify all your viable and lucrative options and then guide you to implement a streamlined action plan to get you there quickly. Our clients generally earn $10,000-$100,000 more per year. In fact, many of our clients have DOUBLED their previous salaries.

We understand that money isn't everything; we are also committed to ensuring that you find careers that have great work environments, a wealth of career advancement opportunities, and the working conditions that YOU want - remote work included!

At Dynamo Careers, we help you clarify what you ACTUALLY want to do and then land the job you love, making fantastic money with a job that matches your personal values. We'll help you map out a pre-defined custom career strategy and then help you execute it in a streamlined manner.

In Conclusion...

The working world is changing – fast! There are no two ways about it. Millions of dissatisfied workers have been met with a precipice moment in their careers, where they have to decide whether they want to settle for what they have or go for the career (and career conditions) they REALLY want. We want to help you feel truly fulfilled in your profession and in your life too! Now is prime time in the job market for you to implement a strategic career plan. And we can help you find a truly fulfilling remote job, with the compensation you're worth.

Watch our FREE Career Masterclass

We’d be honored to connect with you!

What Is The Great Resignation?

Are You Fed Up With Your Job?

Here's What You Can Do About It!

by Sonja Price

Summary