There's no doubt that coronavirus pandemic has changed so much of the way we live our lives — and the way we work. It's left many re-evaluating their careers and the purpose they find (or want to find) in them.
This desire for something different or better is leading to what experts are dubbing the "Great Resignation" — a period where a large percentage of the workforce is considering leaving their roles and searching for new job opportunities.
Back in May 2021, the number of those considering quitting was at 41%.
A new survey released this week shows those numbers increasing. According to Bankrate’s August 2021 Job Seeker Survey, 55% of the American workforce (those who are either employed or looking for a job) say they are likely to look for a new job in the next 12 months. That's more than half of the American workforce planning to be on the job hunt sometime within a year.
“Pandemic-inspired changes, including the ability to work remotely and/or from home, have transformed mindsets and expectations for many workers," said Mark Hamrick, Bankrate senior economic analyst and Washington bureau chief.
The rate of people wanting to look for new job opportunities does vary between different populations. For example, the survey found that 77% of Generation Z (those between the ages of 18-24) and 63% of millennial (25-40) workers say they planned to look for a new position. Meanwhile, only 45% of Gen Xers say they're considering looking for new roles.
The numbers are significantly higher for people of color, too. About 67% of Black and Hispanic Americans plan to job hunt this year, compared with 47% of white workers.
As employers continue to deal with the challenges of hiring new folks during a particularly tough labor market, they also must employ new strategies for retaining top talent, too.
What are job seekers looking for?
If you're worried about retaining your top talent, studies show that the majority of workers find flexibility and pay important factors in staying at their current role.
The pandemic has caused many people to think more critically about what they want out of their careers, and flexibility and the ability to work remotely is a huge benefit for employees.
It's important to note that 60% of female workers cited remote work and flexibility as important factors in their career. Since the pandemic, millions of women have left the workforce, many of whom have needed to care for their children and families during the pandemic. Having more flexibility helps more women re-enter the workforce.
And while most of us aren't completely sure what the future of work may look like, many are expecting to continue to work remotely, at least in some capacity.
To learn more about the findings from the survey, check out Bankrate’s August 2021 Job Seeker Survey.
If you're like the 55% of American workers considering leaving your job this year, many top startups and tech companies are looking for great candidates — and offer benefits like mental wellness, generous PTO and flexible work arrangements. Discover hiring companies and apply privately for open jobs with one click.
