By now, you’ve heard every ” expert” talk endlessly about The Great Resignation and the additional disruption this causes companies and industries.
If you’ve been off the grid for a while, “The Great Resignation” is the term used to describe the record number of US workers who’re voluntarily quitting their jobs this year. Anthony Klotz, an organizational psychologist at Texas A&M University, coined this ongoing phenomenon and stated in part, “the pandemic has made workers reevaluate what they are actually getting out of their jobs and are leaving voluntarily at unprecedented numbers.”
The Great Resignation statistics from the Department of Labor is undeniable: More American workers quit their job in August in history, only to be beaten by September’s data that showed 4.4 million workers quit their job that month.
At the same time, the workforce participation rate, the percentage of working-age people employed or looking for work, is stubbornly low at 61.1. Combine that with the chart below, showing data from Indeed.com comparing job postings in February 2020 to current at the onset of the pandemic.
Welcome to the Greatest Job Market in History:
Having started my recruiting career in 1997 during a growing job market and Y2K hiring frenzy and again as the economy boomed before the Great Recession, it’s easy to recognize that we’re living in the greatest job market in history. The COVID crisis disrupted our lives and brought us to a standstill. Add back the reopening of businesses, an infusion of trillions of stimulus dollars directly to individuals and businesses, the improved ability to buy anything with a few smartphone taps, and you have unprecedented demand for services and goods taxing the system. This incredible demand is placed squarely on small and large businesses alike who’re scrambling to keep up.
According to the Bureau of Labor Statistics Job Openings Report, the number of open jobs soared to a record 10.4 million in September 2021. Combine this with technology innovations allowing us to work from anywhere, at any time, and collaborate in more ways than ever, and you suddenly have a nearly unlimited amount of options. If you want your side gig to become your full-time gig, it’s never been an easier time. If you’re going to work 25 hours a week, there are plenty of options. No advanced degree or specific certifications? Who cares.
All you need is a good laptop, a decent WiFi signal, and a passion for doing what you love. The concept of working at a set time and place is quickly becoming outdated.
“Add back the reopening of businesses, an infusion of trillions of stimulus dollars directly to individuals and businesses, the improved ability to buy anything with a few smartphone taps, and you have unprecedented demand for services and goods taxing the system.”
The Professionals Dilemma
Talk to any manager, executive, or business owner about their challenges for growth, and hiring and retention quickly come up. Time and time again, you’ll hear leaders mention the challenges of finding and keeping employees. This lack of human resources is greatly impacting their bottom line as the backlog of projects, and manufacturing timelines get longer by the week.
As a technical professional, it becomes very tempting and may be very smart to start to consider your career and ponder if now is the time to leap. Are there better opportunities out there? Is now the chance to land my dream job finally? Perhaps, yet you should also ask, is this a time to follow the crowd or chart a different path? Maybe, just maybe, the power move of the year is to stay in your current role and grow from here. If your company, like most, is hiring new employees while those with more seniority than you are looking for, perhaps it’s actually in your best interest to stay put and create your own opportunities within your company.
“This lack of human resources is greatly impacting their bottom line as the backlog of projects, and manufacturing timelines get longer by the week.”
Here are the Top 5 Reasons to Stay During The Great Resignation:
5. Your leadership is making employee engagement a top priority:
A topic that’s top of mind for all executives is employee engagement. In other words, they’re wondering how you’re really feeling about your role and how happy you are. In other words their asking, “How the heck do we keep you from leaving?” “The Great Resignation” term itself has made many leaders anxious, self-conscious and worried about how they will address this. Proactive managers are having meaningful, relationship-building conversations with each employee to understand their motivations better. Of course, this should be happening regardless of the year, but it is significant for them to address this now.
This creates an excellent opening for you to have a heartfelt, open conversation with your manager about what’s important to you and why you stay. If there are opportunities for the company or your manager to improve your happiness, now is a great time to let them know. Having a non-threatening, honest conversation about what you’d like to contribute and achieve in the months and years ahead should be a welcomed conversation to your manager.
For managers guide on this conversation, see our blog, The Great Resignation Defender: The Stay Interview.
4. If you enjoy what you do and who you work with, why would you leave?
It’s human nature to follow the crowd and feel like you’re missing out on working for another company. Yet, it is wise to really take a step back and ask yourself why you might entertain a new opportunity in the first place. The crazy couple of years has rightfully asked each of us to step back and refresh our lifes’ purpose and question what you really get out of work. If you enjoy your work and have a good relationship with your teammates and leadership, make sure to think long about how leaving the company can affect you long-term. Will a new role and relationships be as fulfilling as this one? Do the reasons I might be looking lead to a more fulfilling career? Take some time to reflect on these questions as you ponder your job search journey.
3. Avoid the temptation to leave for more money:
Of course, money is a great reason to entertain a new position. Joy and fulfillment in your work should always come first. Every job will have it’s challenges, headaches and stresses, yet, if you find great satisfaction in the impact of your current work, think carefully about how this will translate to a new job. The euphoria of a raise tends to be short lived and is no substitute for the eventual Sunday Blues if you don’t look forward to working in your new role. If however, you’re no longer feeling fulfilled and challenged, then consider what a better role might look like, before thinking about money. What does a fulfilling job look like? What company values and purposes would you love to align yourself with? If you’re getting these answers in your current job, staying put is a great option.
2. Hedge against the next recession:
I’m as bullish as anyone on the overall world, US and local economy and easily see a few years of economic growth ahead. In many ways, it’s simple to forecast why economies will continue to grow in the years ahead. Risks are certainly around each bend, yet the overarching engine and power of the global economy looks strong. However, imagine starting a new job only to see your industry start to taper off and slow down in a couple of years. Instead of being the most tenured and knowledgeable person on the team, you’re one of the last people in and this can be a factor when companies have different human resource issues in the future. Perhaps the smarter long-term option is to see how you can contribute and grow at your current company.
1. Promotions and increased responsibility may be just on your horizon:
This may be a bit of a Queens Gambit, but imagine for a moment if your department is hiring to meet increased customer demand, while one or two of your coworkers decide to join The Resignation movement? What opportunities does this present to you? If there are special projects coming up, or a good leadership track for you, you may not want to miss out on these opportunities. If your current company supports you and is giving you opportunities for growth, you may want to really think about how much you value this. In return you may gain an increased ability to do more of what you love, gradual pay raises, opportunities to be a technical leader or manager very soon, and loyalty. If you’re passionate about what you do and generally enjoy your team and are excited about the direction and the purpose of your company, the biggest power move you can make is to not move at all.
Sometimes making no decision is the best decision of them all.
Tom Goettl, President of Konik, a Technical Talent Network, writes at the intersection of careers, leadership and technology.