A new survey from Morning Consult shows that finances and personal obligations are driving resignation rates.
Taking responses from over 1,300 people who quit their jobs in the last year, 63% stated that money was their main concern, while 53% cited family and personal obligations.
As a result, levels of burnout are growing incrementally as understaffing continues to plague the labor market.
According to ADP data, those who left their jobs during the first quarter of 2022 saw their average pay grow by 8.7% year-over-year compared to the 6% growth from those who stayed at their positions.
Over 12% of US workers quit their jobs in the last year, with IT; food and beverage; and leisure and hospitality seeing the highest resignation rates.
To combat this, Morning Consult economic analyst Jesse Wheeler believes that boosting pay and compensation, as well as addressing workers’ need to work-life balance, will be critical.
While remote work policies have made waves in addressing the need for a better employee experience, Wheeler adds that taking a catered approach can better support employees.
For instance, employers should explore offering more paid sick leave, flexible scheduling arrangements, and adopting the tools needed for remote and hybrid working. Wheeler adds that in order to address labor shortages, employers need to be willing to try new strategies that they may have been resistant to in the past.
“[When] you’re forced to try it and it does work, you have to be more open about things you were once rigid about in the past,” said Wheeler. “As it becomes more difficult to hire, CEOs and managers are reconsidering approaching their employees with more open minds.”