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    The Great Resignation?

    What do you think? How is your job going post-pandemic?

    "Great Resignation" Wave Coming For Companies

    Link to Article: https://www.axios.com/resignations-c...62490ee55.html

    Companies that made it through the pandemic in one piece now have a major new problem: more than a quarter of their employees may leave.

    What's happening: Workers have had more than a year to reconsider work-life balance or career paths, and as the world opens back up, many of them will give their two weeks' noticeand make those changes they’ve been dreaming about.

    “The great resignation” is what economists are dubbing it.
    • Surveys show anywhere from 25% to upwards of 40% of workers are thinking about quitting their jobs.
    • "I don't envy the challenge that human resources faces right now," says Anthony Klotz, an associate professor of management at Texas A&M University.

    Anumber of colliding trends are driving the resignation boom, experts say.
    • University of Michigan economist Betsey Stevenson tells Axios, "People have had a little more space to ask themselves, 'Is this really what I want to be doing?'" So some are deciding they want to work fewer hours or with more flexibility to create more time for family or hobbies.
    • Others are considering switching careers entirely.
      • A cruise ship staffer trained and pivoted to work in a data center because the pandemic showed her the volatility of her industry.
      • An insurance broker and her restaurant manager husband both left their jobs to start a landscaping company because they realized during the pandemic that they wanted to spend more time outside.
    • Some are quitting because their bosses won't let them work from home post-pandemic. Others are leaving because they miss their offices, but their companies are now hybrid or all-remote.
    • "A lot of people who want to go back are finding that the office that they come back to is not the office they left behind," Klotz says.

    There's not much firms can do to hold onto employees who want to switch fields. But human resources may be able to retain some workers by offering as much flexibility as possible, says Cathy Moy, chief people officer at BDO USA, a financial services company.

    But, but, but: The big churn could ultimately be good for workers and employers.
    • There are now a record 9.3 million open jobs in America, Axios' Felix Salmon reports. And people can still rely on unemployment insurance so they're not desperate to nab the first job offer that comes along, Stevenson says.
    • "Hopefully we’ll see a lot more people in 2022 employed and stable because they're in jobs they actually like," she says.

    #2
    I read that too. Makes a lot of sense. The pandemic gave a lot of people the push they needed to overcome inertia. Many people knew they weren’t happy but were hesitant or afraid to take action. This presented the perfect opportunity.

    I think it’s a great thing overall.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

    Comment


      #3
      I have to wonder, though.
      • Surveys show anywhere from 25% to upwards of 40% of workers are thinking about quitting their jobs.
      The article suggest there is a lot of people thinking about it. But how many will do it....or have the means to actually do it. Trading a job like-for-like is one thing. But people changing industry, starting over, or pursuing business startup ideas will be much fewer. Or, will people see the requisite change in lifestyle to accomplish this and forego previous levels of income or status anyway? I don't know.

      I do get the sense that morale and "job happiness" has been very low, even leading up to the pandemic.

      Comment


        #4
        I think a lot of people already did it. How many people were forced to find new jobs when theirs shut down as a result of COVID? Millions were laid off with no idea when or if the jobs would come back, so they either found new jobs or they started their own business or expanded a side gig they already had into a full time endeavor.

        No, I don't think 40% of people will leave their jobs, maybe not even 25%, but I think the seed has been planted in many people's minds and they might not leave today or tomorrow but they may be looking for ways to change that they weren't even considering a couple of years ago.
        Steve

        * Despite the high cost of living, it remains very popular.
        * Why should I pay for my daughter's education when she already knows everything?
        * There are no shortcuts to anywhere worth going.

        Comment


          #5
          DH was all set to retire last May. We had a month of travel scheduled (starting the day after). But, we had to cancel everything. So, DH didn’t see the point in retiring.
          He is taking some leave right now - just testing the waters. If he still feels good about it, I think he’s going to retire in July.

          Comment


            #6
            Originally posted by Like2Plan View Post
            DH was all set to retire last May. We had a month of travel scheduled (starting the day after). But, we had to cancel everything. So, DH didn’t see the point in retiring.
            He is taking some leave right now - just testing the waters. If he still feels good about it, I think he’s going to retire in July.
            A number of factors including the pandemic will end up leading to me retiring a couple of years earlier than anticipated. The pandemic helped in the fact that we learned we can live just fine on about $2,000/month less than we used to spend if we need to. We're still doing our retirement planning based on the higher number but now we now that we have at least 25K/year of wiggle room in the budget if there is a down year or two and we need to trim back.
            Steve

            * Despite the high cost of living, it remains very popular.
            * Why should I pay for my daughter's education when she already knows everything?
            * There are no shortcuts to anywhere worth going.

            Comment


              #7
              I've always more or less planned on retiring from the military as soon as I hit 20 years in. But spending so much time at home, I recognized how much I REALLY enjoy the slower pace (while recognizing that my career is unlikely to ever be that slow again). So my main thought process is no longer to retire & move right into a second career. Now, the primary plan is to retire & be SAHD for our kids, who will still be in elementary/middle school, with the possibility of a part-time/hobby job if desired. While I'm not contemplating an exit tomorrow or in the near term, I'm definitely looking those 7 years into the future & planning toward leaving the workforce. The time locked away at home almost certainly had a significant role in that shift in mindset, at least for myself.
              "Praestantia per minutus" ... "Acta non verba"

              Comment


                #8
                Originally posted by kork13 View Post
                I've always more or less planned on retiring from the military as soon as I hit 20 years in. But spending so much time at home, I recognized how much I REALLY enjoy the slower pace (while recognizing that my career is unlikely to ever be that slow again). So my main thought process is no longer to retire & move right into a second career. Now, the primary plan is to retire & be SAHD for our kids, who will still be in elementary/middle school, with the possibility of a part-time/hobby job if desired. While I'm not contemplating an exit tomorrow or in the near term, I'm definitely looking those 7 years into the future & planning toward leaving the workforce. The time locked away at home almost certainly had a significant role in that shift in mindset, at least for myself.
                I really hope this works out for you when you get there!! Such a great thing to do for your kids.

                Comment


                  #9
                  I've seen a few articles about this.
                  I'm starting to think about my own future as well.
                  Not necessarily retirement but maybe a career shift of some sort

                  Brian

                  Comment


                    #10
                    Even prior to the pandemic, there has been much written about the impending "brain drain" throughout white collar America. Baby boomers retiring, leaving big gaps in company know-how.

                    I've told my kids over and over, "don't worry so much about what your degree is in, just make sure you have some work ethic. If you do, you'll be rich, because most people your age do not."

                    Comment


                      #11
                      I think one thing that people really learned the past 15 months is how much more they can accomplish in their lives when they don't spend 2 hours or more every day commuting. Many people don't want to go back to that so they may be seeking positions that allow them to work remotely permanently or jobs that are much closer to home.

                      They also have been spending far less in gas, tolls, parking, and car maintenance so they've learned that they can take a somewhat lower paying job and still come out even.
                      Steve

                      * Despite the high cost of living, it remains very popular.
                      * Why should I pay for my daughter's education when she already knows everything?
                      * There are no shortcuts to anywhere worth going.

                      Comment


                        #12
                        Originally posted by disneysteve View Post
                        I think one thing that people really learned the past 15 months is how much more they can accomplish in their lives when they don't spend 2 hours or more every day commuting. Many people don't want to go back to that so they may be seeking positions that allow them to work remotely permanently or jobs that are much closer to home.
                        Add to that the money saved in fuel costs and wear and tear on a vehicle.

                        A guy I work with, who has been working from home since the start of Covid, told me that this is the first year in recent memory where he didn't need to buy new tires. He lives about 40 miles away, so he used to rack up the miles. Add the cost of tires to the money saved in gas, and he probably has an extra $2000 or $3000 in his pocket this year

                        Brian

                        Comment


                          #13
                          Originally posted by bjl584 View Post

                          Add to that the money saved in fuel costs and wear and tear on a vehicle.

                          A guy I work with, who has been working from home since the start of Covid, told me that this is the first year in recent memory where he didn't need to buy new tires. He lives about 40 miles away, so he used to rack up the miles. Add the cost of tires to the money saved in gas, and he probably has an extra $2000 or $3000 in his pocket this year
                          Exactly. Also, working away from home often includes eating away from home so add in $10-15/day for lunches and snacks. It adds up quickly.
                          Steve

                          * Despite the high cost of living, it remains very popular.
                          * Why should I pay for my daughter's education when she already knows everything?
                          * There are no shortcuts to anywhere worth going.

                          Comment


                            #14
                            A lot of people were in careers that necessited them to get new jobs. And so they did. They also started businesses. I also think a lot of people are switching into something else because they took covid and the opportunity to move. I can't tell you the number of families who moved back to where they were from or closer to family because of covid. Cashed in home equity and decided they would find new jobs in something else and they could because they bought their homes CASH. They basically started a second career or retired. My neighbor is retired. She got laid off last January and is retired. She's wrapping her head around it because I pushed her and said you can retire. You've saved enough. Call it. She struggles but I told her enjoy it you've worked hard, LBYM, and done everything right. I hope she doesn't go back.

                            Covid didn't change much for us. But it gave us an opportunity that might not have happened otherwise for DH and it shoved me into my own business. Is it the best thing ever? I don't know I'll tell you in a year if it was financially prudent. I sure as hope so. But I think a lot of people are recalculating what makes them happy and looking to see what can be done to change it. I love being my own boss. My DH is loving his new job. We already did the career switches 5 years ago. This is just a different gear for us. And now we're staring at either working an extra 2 years or FIRE super early.
                            LivingAlmostLarge Blog

                            Comment


                              #15
                              I quit my corporate job on 6/4. I have another small business that I have had for 7-8 years and it does very well and then also co-own a restaurant. The corporate gig was high paying, but I make a significant income from the other businesses and realized I just didn't want to deal with the grind. We knew I would most likely leave this year, so we plowed money into paying off the house and paid down the remaining 175K in the last 6 months, which made us debt free. Basically I traded my mortgage for my health insurance since we are on our own for that now!

                              Comment

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