‘Big regret’ is the latest workplace trend to sweep the country, with the majority of professionals who left their jobs in the last year wishing they could change their lives, according to a new survey.
2022 was another record year for quits – 4.1 million workers left their jobs in December, bringing the overall total for the year to more than 50 million. About 47 million of them quit the previous year, citing higher wages and better working conditions as incentives to leave. Now, 8 in 10 professionals who quit their jobs regret their decision, according to a new Paychex study.
Paychex surveyed 825 employees who quit during the “big quit” and 354 employers to analyze the impact of the wave of quits and gauge employee job satisfaction.
They found that mental health, work-life balance, work relationships and the possibility of being rehired all suffered.
Gen Z is struggling the most
According to Paychex, Gen Z workers remember their old jobs the most. A whopping 89% of Gen Zers say they regret quitting and as a result their mental health is in decline.
“The ‘Big Resignation’ caused a lot of regrets among employees looking for new opportunities. Of those regrets, employees were most likely to miss their co-workers,” said Jeff Williams, vice president of solutions at company and HR at Paychex, at CNBC Make It. . “These friendships create a sense of community among employees, creating a positive company culture – another thing employees lacked in their previous jobs.”
“Our research found that 9 out of 10 people said they changed industries after quitting, and professionals who changed industries were 25% more likely than workers who stayed in the same industry to regret their choice. Members of Gen Z were the most likely not to work in the office, and Gen X missed the most work-life balance from their previous jobs.”
Apparently, the benefits, benefits, and culture that drove young workers to join the big quit aren’t enough to satisfy them.
“Although satisfaction with mental health and work-life balance influences many quits, only about half of respondents to our survey say they are satisfied with their mental health (54%) and work-life balance (43%) in their new workplace. Unfortunately, Gen Z reported the lowest levels of positive mental health and work-life balance.”
No loyalty, no leeway
While the majority of employers say they are open to rehiring job-hoppers, some are more hesitant, questioning the loyalty of boomerang employees.
When asked if they would be willing to rehire employees who left during the big resignation, 27% of employees said yes and that they had already rehired at least one former employee. Forty-three percent said yes, but have not yet rehired, and 30% said no.
“Anecdotally, we think more employers than ever are open to the idea of boomerang employees returning to companies,” says Williams. “Tight labor markets, specialized skills, timelines and knowledge of the quality of work expected are all cited as reasons by hiring managers. Those who are reluctant to rehire point to loyalty, expected compensation and the underlying suspicion of the employee’s motives.”
“Many employers want to give back or have given people back their jobs, with medium-sized companies most likely to have done so already. But for others, loyalty to work seems to be holding employers back from welcoming them back. Returning employees received a 7% raise, but 38% of employers were unwilling to offer new benefits to former employees.Nearly a third of employers will not consider returning employees to their jobs, and blue-collar employers are 17% more likely than white-collar employers to feel that way.”
Turn a new page
It’s natural to spend time relieving the good old days, but Williams advises workers not to dwell too long on the past.
“Nostalgia is the enemy of growth. Be realistic and move on if your former employer doesn’t rehire you. Recognize your worth, believe in yourself, and move on.”
As employees figure out how to turn over a new leaf, Williams suggests “starting with a fresh perspective on what you control.”
“For example, you control whether a trusted friend reviews your resume. You control connections on LinkedIn. You control networking events, evening classes to improve your skills, and grace in your search.”
Williams also says workers should try to avoid changing jobs in the future to put “stability” back on their resumes, and while things may look bleak now, it won’t last forever.
“The Great Resignation has changed not only the workplace, but also the minds of those seeking better work opportunities. The good news is that there is hope for job seekers who have changed about their decision to quit. Many employers are willing to rehire people and also improve their benefits.”
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