I heard the phrase “The Great Resignation” for the first time this week. It plays on a similar sounding historic event – The Great Recession.
65% of American workers are hoping to change jobs this year. Over a quarter of American workers already did.
Currently, there are more job openings in America than there are unemployed people. Wages are climbing. Employers are desperate for employees. This is a workers’ market. Workers are resigning from their jobs in droves with the promise of easily accessible and higher-paying jobs ahead of them.
Should you join in on this Great Resignation? What all does finding a new job entail? Here are my thoughts on determining if you need a change:
1. Consider your current position
Are you happy working there? It sounds cliche, but happiness IS priceless. Leaving a happy job for a little extra money in a more stressful job might not be worth it. Alternatively, if you AREN’T happy, it’s extra motivation to leave.
Are your wages competitive? Consider talking with a trusted coworker in a position and with similar experience to you. Remember, it’s ok to talk about money with friends. Are your wages similar to one another? Consider checking out wage comparison sites online.
Have you talked to your employer? If you are unhappy in your position and with your compensation, have you shared your frustration and given your employer the opportunity to respond? It’s possible they can make a change that will make you want to stay.
2. What is the new offer like?
Things to consider when choosing a first-time job can apply to a job change too. You should think through all the benefits you might hope for, ask for, and expect when changing jobs.
Remember, higher salary/wage does not always mean highest overall compensation.
3. Do you have a full savings account?
There could be expenses related to your job change. It might involve a short period of no work, a move, or most likely, a period where you have to pay for your own health insurance. Consider holding off on a change until you have adequate savings.
4. What is the growth potential?
Consider if your position allows you room to grow in the company. If you are tempted with a job opportunity, is it one that you will be locked into for years with stagnant wages? Don’t give up a job with growth potential for one that might leave you stuck.
If you decide that it’s time for a job change, do your research to ensure you are prepared!
In my immediate family, 2/3 siblings have had recent employment change. In my husband’s family, 5/9 sibling/siblings’ spouses have or are soon to have a job change. So, I guess this is real! If you are an employee, look out for your own best interest. If you are an employer, treat your employees well. For the record, most people don’t leave over a few dollars. They leave because of how they are treated.