The ‘Great Resignation’ of 2021 saw a record-high number of individuals quitting their jobs in search of better opportunities. However, a recent study conducted by Paychex reveals that a staggering 80% of those who left their positions regret their decision. This trend, now referred to as the ‘Great Resignation: Great Regret’, highlights the importance of considering all factors before making a career change.
The pandemic played a significant role in the increased number of job openings and quitting, with the U.S. Bureau of Labor Statistics reporting 4.5 million quitters in November 2021 and job openings reaching over 11 million the following month. While some individuals were forced to resign due to pandemic-related circumstances, those who left for improved pay and work-life balance were most likely to regret their decision.
It’s crucial to weigh the pros and cons of a job change before making a decision, and not just focus on the potential benefits. The ‘Great Regret’ serves as a reminder that it’s important to think about the long-term impact of a career change and to consider all aspects of the job before resigning.
The Significance of Being Knowledgeable and Ready When Considering a Career Switch Stressed.
The results of a recent study by Paychex show that Generation Z is the most likely to regret leaving their previous job for a new one. Additionally, those who switched industries are 25% more likely to miss their previous sector compared to those who stayed within the same field. This highlights the importance of careful consideration before making a career change.
Andrew Crapuchettes, CEO of Red Balloon, a recruitment agency based in Idaho, commented on the findings saying that job seekers should do more research before quitting their current roles. He mentioned that job seekers are prioritizing work-life balance and positive workplace culture over higher compensation, which is a reflection of the idea that money can’t buy happiness.
The survey results are in line with a recent Harris Poll, which found that job seekers are facing challenges in securing new employment. The survey showed that it takes an average of three to six months for job seekers to find a new job, with 60% saying their search has taken longer than six months and many having applied to over 50 roles. Furthermore, more than 70% of the job seekers surveyed stated that it has been harder than they anticipated to secure a good job.
These findings emphasize the importance of being well-informed and prepared before making a career change. It’s crucial for job seekers to take the time to research potential employers and job opportunities, and to make sure the change aligns with their career goals and priorities.
Some workers feel sad about leaving their long-time colleagues behind.
A recent study has revealed that the top reason why job-hoppers regret leaving their former employers is due to missing their old colleagues. Almost a third of respondents expressed that they miss the camaraderie and teamwork with their former teams. The second biggest reason is financial, with 27% missing their previous salary, 23% missing their old bonus scheme, and another 23% missing their former health insurance.
Free lunches, work-life balance, employee discounts, and flexible and remote work options were also factors that contributed to employees regretting their job switch. Making sure to prioritize these benefits in a new role can help ensure job satisfaction and prevent regret.
Chris Poole, the UK Managing Director of Robert Walters, a global recruitment firm, suggests that the best way to maintain a positive relationship with former employers is to give your best effort until the very last day on the job. He believes that a positive final impression can keep doors open for future opportunities.
In conclusion, it’s important for job-hoppers to carefully consider all aspects of their job change and to maintain a positive relationship with their former employers.
How to avoid job-hop regret(Great Resignation: Great Regret)
The data suggests that job seekers who prioritize a higher salary over workplace culture and other factors often end up feeling unfulfilled in their new job. This highlights the importance of considering all factors, not just compensation, before making a career change.
A good way to determine a candidate’s priorities is to ask about their biggest mistake in their previous role. If it is stated that no mistakes were made in their previous role, it can be indicated that the candidate may not be a suitable match for the company.
This information, originally featured on Fortune.com, serves as a reminder for both job seekers and employers to keep motivation in mind when making career decisions.