The Great Resignation becomes The Great Regret
2 min read
After writing and podcasting so much about the Great Resignation in 2022, I was expecting there to be some regret down the road. And here we are: The Great Regret!”
For those who handed in their resignations during the Pandemic and after, many are having second thoughts now.
A recent study by Paychex cites that 80% of the folks who quit their roles during this period are regretting that decision.
According to the U.S. Bureau of Labor Statistics, 4.5 million quit their jobs in November 2021 with job openings reaching 11 million a month later!
Who are the guiltiest of this poor decision-making? You guessed it…Generation Zers.
Why did this happen?
Firstly, the job market was so tight, employers were rolling out the red carpet and throwing cash and bonuses at job changes.
I can report that my clients in the insurance sector were all having a very difficult time then (and now) finding qualified candidates for open positions. Some overpaid and most held the line.
I think we did a pretty good job of warning our clients about throwing money at new candidates because money-motivated candidates rarely work out in the long run.
What about now?
We are finding that the Pandemic made people reflect and realize that there is more to life than chasing money. They have started prioritizing work-life balance and family. People want to be happy.
Workers are also finding that they miss their former colleagues, bosses, customers, and even mentors. And relationships are what makes the world go ‘round, right? Tough to build and grow all this from scratch.
As an insurance recruiter, I look very closely now at a candidate’s true motivations. If I sense an obsession with money, well, that’s okay for a hunter sales producer, but for anyone else, that is a red flag for me.
I look for candidates who are seeking: 1) Purpose, 2) Professional growth, 3) Responsibility, 4) Opportunity, and 5) Intellectual challenge. That’s a winning combination.
My advice to the workers out there who are still considering jumping ship for the sake of a bigger paycheck: Don’t do it. It’s a recipe for being unfulfilled.
It will lead to frustration, and ultimately, underperformance…then, quite possibly, a long queue in the unemployment line. The story always ends the same way.
Don’t do it.