The ‘Great Resignation’ Myth (CONT’D FROM PAGE 1 )
year except one for the last two decades—and that year was following the Great Recession. After hitting a low of 1.5 million quitters a month in 2009, the number of monthly quitters rose to two million in 2012, three million in 2018, a record 3.5 million in 2019, four million in 2020, then four- and-a-half million this year. Clearly, something is going on in work that’s never gone on before in work. What is that something is up for debate. A number of consensus answers are emerging. 1. Personal Opportunity : Pew released a study in March on why workers quit their jobs. The top two reasons: pay was too low and no opportunities for advancement. Both of these reasons were cited by two-thirds of workers. Not enough flexibility and benefits weren’t good also made the top six. Clear- ly, with unemployment at historic lows, many workers feel they can find better opportunities elsewhere. 2. Toxic Work Culture The father-and-son researchers Donald and Charles Sull, along with Ben Zweig, released a study earlier this year in MIT Sloan Management Review in which they ana-
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lyzed 34 million online employee profiles to identify peo- ple who left jobs in 2021. They found quitting to be highest among those in retail and management consulting, then otherwise evenly distributed among food, health care, travel, media, big pharma, and financial services. As to why these people quit, money actually ranked 16th on the list of reasons. The top reason? Corporate cul- ture. “A toxic corporate culture is by far the strongest pre- dictor of industry-adjusted attrition and is 10 times more important than compensation in predicting turnover,” the researchers write. “Our analysis found that the leading elements contributing to toxic cultures include failure to promote diversity, equity, and inclusion; workers feeling disrespected; and unethical behavior.” 3. Weaker Work Friendships The research firm Gartner released a study last week showing that voluntary work turnover will jump nearly 20 percent this year compared to pre-pandemic levels. “New
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CONTINUED ON PAGE 26
24 May 16, 2022
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