After seeing several news reports about what is being called “The Great Resignation,” brought on in part by the pandemic, I asked NewsDash readers, “Has your company experienced a greater resignation of employees than usual in the past six months to a year?” and “What were some of the reasons employees left?”
Eighty-three percent of respondents work in a plan sponsor role, 9% work for recordkeepers/TPAs/investment consultants and 9% are advisers/consultants.
More than half (52%) said their companies have not experienced a greater resignation of employees than usual in the past six months to a year, while 48% reported that they have.
More than one-third (34.8%) of responding readers said non-pandemic-related dissatisfaction with the job/found a new job was a reason employees left. A desire for a more flexible work arrangement as the company goes back to the office, a desire for a new career and “don’t know” were each reasons cited by 17.4% of respondents. Thirteen percent said some employees realized they were able to retire early, and 4.3% reported that a need to stay home and care for children or other loved ones was a reason some employees left.
More than one-third also selected “other” reasons, which included force outs, early retirement incentives offered to reduce staff, compensation, didn’t feel appreciated and had a baby. One reader reported that they have actually increased staff in the last six months to one year.
Readers who left comments offered their views of reasons employees are leaving their jobs, including a re-think of priorities and being “fed up with seeing amazing profits and surging stock prices, but not seeing it in their paychecks.” Others noted how their companies have taken care of employees and how they are handling the return to work. “Employees know when a company cares about them!” one reader said. And there was even a “sort of” job offer. No Editor’s Choice this week. A big thank you to everyone who participated in the survey!
The pandemic has definitely made people re-look at their priorities and what is important in life. As far as those who resigned are concerned it is hard to tell if their reasons were 100% truthful as they may not want to burn a bridge, as they say.
My employer reacted quickly to the pandemic to get people working from home and was accommodative to those with challenges and family issues. The current future vision allows many/most employees to continue working from home, which seems to be a very popular arraignment.
I think most people will find different work if they so choose due to the current open hiring market. However, those companies trying to get workers back or hire new are not only in competition with each other, but with the federal government as well. People are incentivized to stay home.
We have seen a small increase in the number of early retirees. We have not seen an increase in regular turnover. My company went the extra mile to protect employees during COVID. Employees know when a company cares about them!
I think the pandemic has caused many people to re-evaluate what life experience they want to have. For some, staying with the job they have always had doesn’t feel like enough of a change to them. They want to completely re-imagine what their work and life will look like going forward and a job change feels like the place to start.
Although we are transitioning back to the office via a hybrid schedule, there are some parameters in place – such as mandatory Mondays/Fridays 2x per month, that employees are not appreciating. We had one employee calculate the cost of her 1.5-hour one way commute and decide it wasn’t economically feasible for her to continue to come into work, even 2 days a week! It’s a new world…
Since the company I work for has shifted to a permanent work-from-home model (for those that want that), it seems if anything it’s gotten people to want to stick around since it gives them the freedom to move around the country without risking a job change.
Unrelated to the pandemic except in timing, many have grown tired of the imposition of political ideology being forced on employees and their opinions. Rather than focusing on doing good work, the focus has changed to be on extreme sociopolitical “values” and has caused great divisiveness and dissatisfaction.
It’s accelerated the overly analyzed flexible work schedule. The company kept talking about it but never made a decision. Now they realize it’s crucial at a base level to keep all employees, not just those just entering the work world that were initially driving the conversation.
People are leaving for better jobs, better pay and more appreciation for their hard work. Employees are fed up with seeing amazing profits and surging stock prices, but not seeing it in their paychecks.
I’ve loved working from home (I’m an introvert). Fortunately, my employer realized we remained very productive while working remote and has decided to allow more flexible schedules when the time comes for us to return to the office. I’m expecting to work at least two days a week from home.
We’ve only had one employee resign!!! The only problem is that her position is extremely hard to fill. Anyone want a Physical Therapist job?
NOTE: Responses reflect the opinions of individual readers and not necessarily the stance of Institutional Shareholder Services (ISS) or its affiliates.
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