94% of those who quit their jobs have no regrets about leaving
A report from The Conference Board has revealed that as the Great Resignation’s momentum continues, one-third of workers are actively looking for a new job.
According to the report, 94% of those who left their company in 2021 do not regret their decision with respondents stating that if given a choice to return to their previous organization, a quarter said they likely would.
Rebecca Ray, executive VP of Human Capital at The Conference Board commented: “Despite worries of a recession — and the hiring slowdown and layoffs that often result from a downturn — the labor market remains strong. And the robust jobs market is continuing to empower workers. Our survey results reveal [workers] continue to want more flexibility and higher pay, and they’ll go elsewhere to attain these benefits. But slowing economic growth makes the decision to jump ship riskier. To retain talent, companies should work with their employees to determine to what extent they can accommodate their needs.”
Insights from the report include:
Job seeking: The Great Resignation isn’t over. Thirty-one percent of respondents are actively looking for a new job, while 28% are unsure if they will quit in the next six months. Only 38% indicated they would like to stay with their current company.
Flexibility a driver: Seventeen percent of workers stated that they voluntarily left their company within the last year for a flexible work location, flexible work schedule or the ability to work from home/anywhere with other top reasons for quitting were higher pay and career advancement, cited by 22% and 14%, respectively. Thirty-seven percent of individual contributors quit for more flexibility, compared to 18% of CEOs. Additionally, more flexibility, higher pay and career advancement were the top factors that would influence workers’ decision to stay at their company.
Fatigue: Job fatigue is driving workers to quit, especially women and millennials. Eleven percent quit their jobs over the last year because of workload. A quarter of millennials quit because of job fatigue, while 25% of women left because of job fatigue, compared to 13% of men.
Pay expectations: Fifty-two percent of Gen X and 47% of Baby Boomers said higher pay would influence their decision to stay with their organization. Seventy-four percent of millennials said the same. Meanwhile, 61% of individual contributors would likely stay at their organization for higher pay, compared to 22% of CEOs.
CEO turnover: Forty-five percent of CEOs said they left their organization for a stronger connection to mission and purpose, while 36% left because they had greater faith in the positive trajectory of their new company. The survey included more than 1,100 individual professional workers. It was conducted from June 21 to June 28.