We called it the Great Resignation. It’s when we were coming out of the COVID-19 pandemic, and about 50 million workers decided to drop their current employer for a much better opportunity. But was it better? According to a new survey by Paychex, an HR and payroll solution company, it apparently was not the right choice for a large percentage of those workers.
According to the survey of 825 employees and 354 employers, 80% of those employees who told their employers to kiss off, and seek a new and exciting adventure, and a better work-life balance, are finding that the only thing they’ve found is a whole bunch of regret and remorse. 90% of Gen Z employees regret their decision, that’s nine out of ten workers 26 years old and younger who were born between 1997 and 2012.
Just half of those who left their job for that better work-life balance with another employer have actually found it, according to the survey. In fact, 68% of those who’ve quit admitted that they asked for their old jobs back, but only 27% of employers say they’ve rehired their old employees.
Many employers either “want to give or have given people their jobs back, with medium-sized businesses the most likely to have done so already. Over 60% of employers (mostly small businesses) are even willing to offer new benefits to returning employees, like raises, remote work, and flexible hours.”
The survey also showed that of the 90% who left their industry altogether, one of the selling points of the so-called Great Resignation, regretted quitting the most.
Of those folks, just 11% found a new job within three months; 50% found a new one between three to six months, 21% within seven to nine months, and 12% within 10 to 12. For 6% who resigned, it took over a year for them to get another job.
In the end, I believe it’s always a good life experience to take risks and in some cases, make what we think are bad decisions. Sometimes the experience is worth more than the money and ends up paying future dividends in the form of wisdom.
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