In this blog post, we delve deep into “The Great Resignation”, what it is and the reasons why so many millennials are leaving the workplace. Plus, I will share our top tips to consider before resigning from your job.
The Great Resignation
In the US alone, 3.4 million millennials quit their jobs in 2020 to pursue alternate career paths. This number is still rising, and we can expect up to one-third of millennials to leave the corporate world at the end of 2022. Corporate culture seems less appealing to this millennial generation. But what are the other factors behind “The Great Resignation”, and why are so many millennials leaving the workplace?
1. Covid-19
The coronavirus crisis was an experience that none of us had ever faced before, and it was impossible to predict the impact this pandemic would have on our future.
At the pandemic’s beginning, we saw a ‘fend for yourself’ craze, which created panic for businesses. Business owners and corporate companies were left in the dark, which resulted in laying off loyal employees. Jobs once seen as stable within big corporations suddenly became unstable and unreliable as businesses tried to stay afloat. Loyalty to a company was no longer rewarded or favoured when cuts were made. All this meant many millennials were stressed about the future of their employment or, worse, left unemployed. For many millennials, this signalled a shift in thinking to the need to leave the corporate world and to look for financial security elsewhere.
2. The Rise of Start-Up Culture
Let’s look at the impact of time (a luxury we have all had a little bit extra of over the previous year). No early morning and late-night commutes? No face to face meetings? No more awkward corridor conversations? No problem. For many corporate millennials, working from home resulted in having more spare time. And so many millennials were itching for ways to fill up their newfound ‘free time’. Many were able to learn new skills, set new goals and start businesses, all from home. Many start-up success stories could not have been possible without quarantine life and spare time. Millennials are realising that escaping the 9-5 to build a business may be a worthwhile risk. And many are willing to try.
The old school route of studying hard, graduating and landing a corporate day job seems to be taking a back seat in the modern millennial world. Times are changing, and millennials are keen to define success on their terms. It looks like corporate industries are no longer the number one desired career for many and neither are the salaries. Instead, millennials have been creative and smart, improvising and creating an income during the pandemic. This has opened minds to believe there is more to life than the office.
3. The Pressure to Live
Financial stress is something so many have faced especially during the pandemic because life is expensive. Over the past year, we all heard the phrase “side hustle”, as millennials found new ways to cope with financial stress. Side hustles were initially a way for many millennials to take on extra work while holding down full-time jobs. Popular side hustles are anything from freelancing, opening an e-commerce website, social media management, online coaching to tutoring. Side hustles have grown into a trend for millennials offering extra financial security. Many millennial workers have been able to find new income streams based on their passions, and in many cases doubling or tripling their income making it a no-brainer to leave their day jobs.
4. Freedom
After months of being locked in the house, people want freedom both financially and personally. Becoming a permanent remote worker has shown millennials that they can easily build a sustainable income online without being in a corporate job. Remote opportunities are endless and come with flexible hours, a travel-friendly schedule and power over their money and career growth. Millennials are eager to explore other industries due to the feeling that they lack control within their current job and in their life. Working from home has given them back some authority, and fewer worries surround public work environments, relationships with colleagues or even stressful commute journeys. These issues are common within the corporate world, and millennials are unmotivated and reluctant to return to their pre-Covid positions.
5. Mental Health
Another reason we have seen many millennials quitting or considering quitting their jobs is due to issues around mental health. The pandemic took a hit on so many millennials, with many reporting of the struggle to stay positive and productive, especially those working in an already stressful job role. Coupled with years of overworking and the feeling of being burned out. The pandemic accelerated a serious decline in millennial mental health.
The pandemic also highlighted a toxic corporate culture that has left many millennial workers feeling unsupported. Many workers reported that they relied on company morale and were driven by their coworkers to get through the workday. These workers inevitably struggled when this was taken away due to the pandemic, and companies did not prioritise their mental health. Many corporate businesses failed to take care of their staff whilst working remotely, causing tension and conflict for workers. The work-life balance line became blurred, leading to many workers facing burnout. Many millennials concluded that they want to fulfil a career in a business. But one which offers appreciation, empathy and caters to mental health needs. Therefore the only way to improve their mental health was to look elsewhere for work.
To Quit or Not to Quit?
Firstly it’s easy to think that with everyone quitting their jobs, you should too. But hold on a second before you rush to hand in your resignation. Remember that social media influencers’ picture-perfect life often sold to millennials isn’t always real. You may not be able to travel, be financially independent and work convenient hours all at the same time.
So if you are considering quitting, think through the following first.
What Is It You Want
Before quitting your job, it’s crucial to get very clear about what you want to achieve. And to help you get clear on your goals there are some key questions to ask, for example: Why do you want to leave this job? Do you want to leave this job to work for another company? Or are you pursuing a new career altogether? Was it the team, the role, the industry or just working for an employer in general that you didn’t like? Having answers to these questions will help you to think through what your next steps might be.
Speak to Your Employer
Initially, a lot of businesses were very slow to realise the effect of the pandemic on their staff. But now more are realising that things need to change, especially if they want to hold on to employees. Businesses are now starting to implement simple strategies such as regular mental health days. As well as, continued remote work, career opportunities, reward schemes and pay rises. Businesses are also looking at how they can create a strong work community. And understand that this helps to have successful, motivated, loyal and happy workers.
Speak to your employer about your mental health needs or what changes you would like to see to help boost or better support staff mental health.
Time Freedom
Instead of quitting your job maybe you could put boundaries around how much overtime you do. Schedule more time for activities you enjoy and make sure you have plenty of time to rest. You could also consider reducing your hours at work or even going part-time.
Talk to People
If you know people who have resigned, schedule time to talk to them. Find out how they are doing, the good, the bad and the ugly truth behind life after resigning. Gather enough information so you can make your own informed choice. If possible, book a session with a career coach to talk through your bigger picture and what it is you want from your life and work.
Plan B
What is your backup plan? If your new venture or idea does not go to plan, what is your plan B? How will you take care of yourself? What will you do to make money and survive while you figure things out?
Support Group
Create a support group. A group of friends, mentors, coaches, family members, etc. that you can get deep and real with when times are good and bad. This is so important because life is never straight forward and neither will your career journey regardless of what you decide to do.
My Final Thoughts
I am a firm believer that life is too short to be stuck in an unhappy work situation. If a particular job makes you feel unhappy and your employer can’t fix it, then plan your exit and do so quickly. But realise that figuring out what comes next after you leave, your vision for life, and the steps you need to take to make that happen is work too. It’s challenging work. Quitting your job may provide some relief, but it won’t solve all your problems, especially if you are unsure of what you want and how to achieve it.
The great resignation has highlighted key issues some millennials face in the workplace. It has also demonstrated the many opportunities they have to create new and interesting careers. But don’t make the mistake of thinking that the grass is always greener on the other side. Whether you stay or leave your current job, there will be pros and cons for both. So take some time and think through your reasons and choices.
Join the Community
We would love to hear what you think about the ‘Great Resignation’. Are you a millennial thinking of quitting? Are you a corporate millennial going through a career change? Do you know someone who has gone through this? Share your experiences, thoughts and stories surrounding this topic in the comments below!
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