Following the pandemic, we have observed a new trend among people not working anymore. A study reveals that more than 44 million Americans left their job in 2023, whereas 3.4 million people quit their job in January 2024 alone. This trend is gaining momentum because people prioritize work on their terms rather than the traditional employment way. The shift in lifestyle, economy, and social factors can also be the reason behind the change in preferences.
Work-Life Balance
According to research, 72% of people seek a Work-Life Balance while searching for a job. It has become a prominent factor for people. After the pandemic, priorities have changed rapidly; people started valuing family and personal commitments and investing time in pursuing their interests. Consequently, there is a rising demand for work among people that facilitates maintaining a work-life balance.
Feeling Burnout
According to Deloitte’s external marketplace survey, 77 per cent of people experienced employee burnout at their current job. This issue has escalated significantly in recent years. People are reluctant to work on jobs that cause mental exhaustion and heightened stress levels. With growing awareness of mental health issues, people are avoiding job roles, which may lead to burnout.
Remote Work Opportunities
After the pandemic, a major mindset shift occurred among people, with reduced interest in going to the workplace or commuting. Instead, they strongly prefer working from their comfort and flexibility at home. A report from the Pew Research Center revealed that around 22 million employed adults in the U.S. always work from home. Moreover, it is projected that by 2025, more than one out of five people will be working remotely. This shift aids in achieving a better work-life balance for many.
Low wages at the workplace
Low wages are a major reason for people to leave their jobs. Across various industries, wage rates have stagnated over the years. However, as inflation continues to rise, people require higher incomes to maintain their standard of living and achieve financial stability. In 2021, 63% of workers quit their jobs due to low pay. To retain employees, companies must consider increasing wages.
Growing Freelancing Gig
Freelancing is becoming an attractive opportunity among people. It offers flexibility, freedom from traditional 9 to 5 jobs, better pay and growth. According to a study, there are nearly 75 million freelancers in the U.S., and the number will only increase with time. The most appealing part of freelancing attracting people is the ability to easily find work in a wide variety of fields, spanning across the globe.
Advancement of A.I. and Technology
A.I. is advancing rapidly with each passing day. Its involvement is increasing across various industries, necessitating workers to acquire additional skills. According to a study, about a fifth of all workers have high-exposure jobs to the expanding technology landscape. Some individuals are hesitant to adapt to this trend, leading them to resign from their positions rather than undergo the necessary transition.
Entrepreneurship
According to the Global Entrepreneurship Monitor, there are 31 million entrepreneurs in the U.S. and 63 percent of Americans believe entrepreneurship is a good career choice. Independence, low entry barriers, and financial rewards are among the primary factors driving individuals to opt for entrepreneurship over traditional employment. The opportunity to become their boss provides a sense of satisfaction and empowers them to take control of their professional growth.
Personal growth
Personal growth has become a crucial priority for people, especially those aspiring to upskill in diverse fields for enhanced future prospects. However, the scope of personal growth in traditional jobs may be limited, prompting people to quit their current jobs and choose roles that offer greater avenues for growth.
Early retirement
Due to the pandemic, about 2.7 million Americans age 55 or older are contemplating over early retirement. This shift in mindset has prompted people to quit their work before the usual time, as they want to prioritize personal goals and more balanced lifestyles. Effective financial planning is crucial in helping people achieve this objective.
Unemployment benefit
To ensure the economic security of the individuals, the U.S. government offers unemployment benefits. These benefits, calculated through the unemployment benefit calculator, it can range from $40 to $450 per week. While these benefits provide essential financial assistance, they may discourage some from seeking employment. The urgency to earn and achieve financial stability may be reduced among those receiving such benefits.
Dissatisfaction with job
Reaping the same task every day, with limited or no opportunity for growth, makes the job mundane. People quit such jobs in search of roles that offer meaningful work and a good paycheck.
Lack of Respect
Respect in the workplace fosters a sense of value among employees and enhances work efficiency. However, lack of respect results in vice versa. According to a report, more than 29 per cent of workers feel they do not matter to their employer. Working in an environment where the employee feels unappreciated is challenging for many.
Part-Time Opportunities
Twenty-two million Americans chose to work part-time, an all-time high, Labor Department figures show. This trend allows individuals to enjoy flexible working hours while prioritizing their personal time. They can fulfill their family responsibilities and pursue their interests, making part-time opportunities more popular among people compared to full-time jobs.
Caregiving responsibility
The rising cost of Childcare and elderly care presents a substantial challenge for working individuals. To fulfil caregiving responsibilities people often choose work that can provide them flexibility and growth.
Environment concern
In recent years, there has been growing environmental awareness among people. They choose jobs that have a positive impact on the environment. Roles promoting sustainability appeal more to people. This trend reflects a desire to align personal values with professional work, contributing to a more environmentally aware workforce and a greener future.