A new study revealed the “Great Resignation 2.0” is on the brink of happening after finding close to three in ten employees are thinking of quitting their jobs by the end of 2024.
The study, published by Resume Builder, found that 28% of 1,000 participating full-time workers have a plan to quit their jobs before the end of the year. The highest number came from workers ranging between 18 and 34 who work in the service industry. Fifty-six percent of the younger employees blame being unsatisfied with their current work situation, particularly low pay, as the culprit behind a resignation.
A number of them are seeking more comfort in the workforce. Forty-four percent expressed a “desire for better benefits,” while 43% are looking for less stressful work days. Career strategist Julia Toothacre isn’t too surprised by the outcome of the survey as she feels more younger workers are still trying to figure out what they want out of a career. Younger workers tend to switch jobs at a higher rate because they are trying to determine what type of function, industry, and environment would work best for them,” Toothacre said.
“Along with that, you can increase your salary quicker when you change jobs every few years, and those early career years are the best time to do that.”
The first “Great Resignation” came following the COVID-19 pandemic, resulting in 47 million Americans quitting their jobs in 2022 alone, according to a 2023 study by Paychex. Several of those who quit regretted the decision later after finding it difficult to return to work.
Another reason why people are quitting is the requirement to go into the office. After COVID
presented more opportunities to work remotely, Toothacre said workforce demands could force employers to promote remote or hybrid offerings if the candidate pool continues to shrink. “This is an employer market, which is why you’re seeing so many RTO mandates,” she added. “When the market shifts back to candidates, we’ll see more perks.”A little over 20% of survey participants said it is “somewhat” likely they will quit their jobs before the end
of 2024, with 7% describing themselves as “highly likely” to make the change. In January 2024, analysts found the number of people quitting went back to pre-pandemic levels and the “balance of power” is in favor of employers. According to Statista, the number of job openings outnumbered the amount of people who were unemployed prior to the pandemic.However, as the threat of another recession comes from financial experts, the number of employees quitting will likely decline since finding a job can be hard during times of economic struggle.