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If you've been in the workforce for any number of years, you've probably noticed people quitting their jobs in droves, possibly at a faster rate than you've ever experienced before. 
 

Background on the Great Resignation

According to the U.S. Bureau of Labor Statistics, the number of resignations peaked in April 2021, and 4 million Americans quit in July alone. By the end of July, there were almost 11 million open jobs — a new record for openings.

One contributor to the Harvard Business Review analyzed volumes of data on over 9 million employees from over 4,000 companies covering a variety of industries, functions, and levels of experience. Many people who are aware of the Great Resignation think it's mostly younger workers in the 20 to 25 age range who are quitting, but the numbers tell a different story.

In fact, resignations among workers in that age range declined, possibly due to increased financial uncertainty and declines in demand for entry-level employees. Resignations among those between the ages of 60 and 70 also declined, while workers aged 25 to 30 and 45 and up saw slight increases in quit rates than in 2020.

The age group that had the largest increase in resignations was the 30 to 45 age group. As far as industries, the Harvard Business Review found that leisure and hospitality are seeing the highest quit rates. 

However, it's important to note that this industry typically sees higher turnover rates because workers are often looking for better pay and benefits. The greatest increases in resignation rates were seen in the tech and healthcare industries, with tech up 4.5% and healthcare up 3.6%. 
 

Why are there so many job openings?

The increase in resignations and vacant positions suggests a significant level of burnout among workers, especially considering some of the most impacted industries are those that saw extreme increases in demand resulting from the COVID-19 pandemic. 

Thus, the increase in quits among leisure and hospitality workers is less significant than the increases among tech and healthcare workers. However, anecdotal accounts among employers of low-paying positions suggest a common thread: "We can't get anyone to work."

Such a statement suggests they can't or are unwilling to provide high enough pay and sufficient perks to attract workers to their low-paying jobs. At a time when there are plenty of open positions, some employers are simply unable or unwilling to provide competitive wages, benefits, and working conditions.
 

Putting the Great Resignation to work for you

No matter which age group or industry you are in, you can take advantage of the Great Resignation. In fact, Planet Money, a contributor to NPR, redubbed the phenomenon "the Great Renegotiation." If you are in tech, healthcare, or leisure and hospitality, you may have an easier time renegotiating your pay and benefits, but if you aren't in those sectors, it doesn't mean that you can't take advantage of this trend of quitting.

The simple truth is that it has gotten much more difficult for employers to retain their best employees. If you're at a company that has already seen a significant amount of turnover, the opportunity to secure better pay and benefits is even greater. It's important to note that you don't necessarily have to quit your job to find better wages or working conditions. 

Before you decide to do anything, you should first decide whether your goal is to stay at your current company or find a position at another company. Many people enjoy working at the company they are with and merely want a pay increase, while others have had it with their employer and are on the lookout for greener pastures.
 

Do you want to stay or go?

It's a good idea to start by making a list of pros and cons about staying at your company versus leaving. Pay alone isn't necessarily enough to make it worthwhile to leave because many employers are willing to pay more to keep their best employees. Securing a better working situation may be as simple as asking your current employer for what you want.

In an interview, Rachel Carroll, president and managing partner of Edison Group, noted that some workplaces have the kinds of issues that can’t be fixed simply because you asked for a change. Specifically, she said you should consider the internalized values of the company you work at. 

“Does your business reflect the internalized values that reflect your personal belief system?” she said. “If you’re a woman or a person of color, is it the kind of place you want to work from a cultural standpoint?”  

As a result, some workers may be firm on finding another company. Additionally, a domineering, demeaning boss or dangerous and uncomfortable working conditions might make it worthwhile to find another company.

However, you should be aware that in some industries, it might be difficult to find a company with working conditions you find acceptable. In such a situation, you might think about changing careers entirely, which changes the scope of your job search.

According to Carroll, another thing to consider is whether your current place of work provides the right kind of approach and structural support for how you want to live your life in this post-pandemic environment. Location is also an important consideration.

“Some people are leaving jobs because they’re asked to work five days a week,” she said. “They’re looking for shorter workweeks. Others are leaving because they don’t want to keep living where they are. There has been a significant migration around the U.S. as people moved homes physically, and I don’t expect that to reverse any time soon.”  
 

Decide what you want

After determining whether you would prefer to stay with your company or leave, it's time to figure out what you want. The most popular reason to quit and find another company is searching for higher pay, but that might not be the only reason you are looking beyond your firm.

This is the time to make a complete wish list of everything you want to see in your job. Of course, higher wages may be on that list, but you should also list every benefit and amenity you want. For example, Carroll has been seeing an increased desire among employees to work from home.

“I think hybrid work practices are here to stay,” she said. “Our New York office is scattered across Boston, New York, and other areas. I also think the hybrid working conditions brought on  by the pandemic have made the relationship between employees’ personal and professional lives more seamless on a psychological level.” 

Next, you should decide what you are willing to accept if you can't get everything on that list. There may be some benefit to accepting a little less to spare yourself the uncertainty of changing companies.

Additionally, it's important to be ready to leave if you don't get enough of what you want out of your current employer. Some HR professionals will attempt to call the employee's bluff if they don't believe the person will actually quit. If this happens, you may lose your leverage when trying to renegotiate compensation and benefits in the future.
 

Final steps

The strategy of getting what you want out of your job may vary. For example, some people want to have an offer from another company in hand before they approach their current employer with a request for a raise and other amenities. On the other hand, some people are confident they can secure higher pay and better benefits without an alternative offer in hand.

If you want to leave your current job, there has rarely been a better time. Recruiters have told Carroll that they have never been in a job market where people were moving and turning down excellent job offers for personal reasons or because they weren’t ticking all the boxes of what they were looking for.

“What we’re seeing is the empowerment of the individual,” she explained. “People are also more confident in taking ownership of where they work and how they work, so they don’t need to find a job through a recruiter. They can connect with prospective employers via LinkedIn or other tech platforms. Additionally, people don’t need to have just one gig. They can have multiple gigs, which might suit their lifestyle better.”  

Since jobs are so plentiful, some people have left their current positions without having something else lined up. For some, that might not be the best course of action, even if you are extremely unhappy in your current position. If you end up having to go back to your previous company in search of a position, your bargaining power will have shrunk significantly.

The Great Resignation offers a wide array of advantages for workers fully aware of what they want. Many employers will take extravagant steps to retain their best workers if they are seeing a high rate of resignations, but you have to be willing to ask and even leave your company for another firm if they won't budge.