What You Need To Know About The Great Resignation Wave

Thinking of resigning? Read on.

The Great Resignation Wave: the largest migration of people quitting their jobs in more than TWENTY YEARS. People aren’t just shifting jobs; they are shifting what they care about too.

This is a massive cultural event as 41% of workers globally are thinking about leaving their current job. It’s a once-in-a-lifetime phenomenon that people should be ready for because literally everyone will be impacted, whether they stay or go. It’s already started in the rest of the World, and we can definitely see it happening here now, in Canada. Unlike the layoffs seen early in the pandemic, this is being driven by employees pulling the trigger themselves.

 

You might be asking, why is this happening now? The Pandemic has made a lot of us prioritize ourselves. Remote work changed hearts and minds. Many people (53%) want to continue working remotely (at least sometimes) and if their current employer won’t offer that they’ll go elsewhere.

Workers who hung on and white-knuckled through jobs they didn’t like during the pandemic finally feel safe making a change. “I’m hearing it a lot: ‘I’m going to go somewhere I’m valued.”

But the biggest reason is there’s a massive number of job openings coming, which means — ka-ching! — more power for job seekers!

Plus, here in Canada government pandemic financial supports are expiring by October (so if you’ve been out of work or underemployed the heat is on).

A survey by executive search firm Korn Ferry found that 94% of retailers are having trouble filling empty roles. 

This is great news for job seekers. With so many companies scrambling to fill positions, job seekers will have the upper hand. Way more power to ask for more money and better perks & benefits.

My #1 Tip:

Do. Not. Settle. Negotiate for everything you want upfront (vs “let’s discuss your performance in 6 months”) and get it written in your contract. Not just salary, but also signing bonus, vacation time, flex time, gym memberships, retirement savings matching programs, and other perks and benefits. This window where you have the upper hand will settle sometime in the Fall once people settle into their new jobs. So strike while the iron is hot.

A Microsoft survey of 30,000 people around the world noted that 46 percent of people have thought about a “major pivot” in their career.

However, if you want to keep your current job there’s good news and bad news. The bad news is it’ll be a bit stormy for people holding down the fort while this shift happens. But that’s temporary. The good news is you have more power too! Employers will be desperate to keep people so it’s the perfect time to ask for a raise.

What I would do: Apply for some external positions, secure an offer, take it to my current employer and use it as leverage to ask for a raise

More importantly, the conveyor belt model of career is over (pick something, go to school, get a job and lock in for life). It’s outdated and that’s not how it works anymore. The younger generation has been raised to value balance and self-care. They’re less willing to burn out and get sick from their jobs. This is good for all of us…it’s forcing toxic work cultures to change. They understand that work is work, but they want to enjoy what they do and feel appreciated. That’s making companies and leaders step up their game.

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