Why Do People Quit

LINK TO ARTICLE BELOW

https://www.payscale.com/data/why-people-quit-their-jobs

What are the top reasons people are leaving a job? And what attracts people to their new organization? The latest PayScale research takes a deep dive into this to find out what is impacting employee retention and what employees are looking for in a new organization.

The average person spends 13 years and two months of their entire lifetime at work. That’s a long time, so it makes sense that people expect to work at a company with a good work-life environment and fair compensation. Unemployment rates are low and the economy is currently strong. This environment increases workers’ confidence levels and promotes more risk-taking. In February 2019 alone, 2.86 million Americans quit their jobs, according to the Bureau of Labor Statistics (BLS).

MONEY IS IMPORTANT, BUT IT ISN’T THE ONLY FACTOR

Not surprisingly, a bigger paycheck is the top reason that people quit their jobs. In fact, 25 percent of people surveyed left for higher pay. More workers than ever before are leaving their jobs and feeling incredibly confident that they will find another one, and quickly. However, 27 percent of all respondents said the main thing that attracted them when choosing a role at a new organization was the opportunity to do more meaningful work – followed by increased responsibility (17 percent) and increased pay (16 percent). Even 20 percent of those who said they quit for increased pay said that the primary reason they chose their new organization was the opportunity to do more meaningful work. A Gallup poll last year found that no more than 13% of adults with full-time jobs found their work meaningful. However, some say that finding the holy grail of a meaningful job that also meets other important criteria as well may be an impossible dream. Employee priorities can change over time so what they need (flexibility, compensation, location, skill set, etc) may not always coincide with what they find meaningful over time. 

INEVITABLE DIFFERENCES BETWEEN MILLENNIALS AND BOOMERS

Millennials are more likely than boomers to quit because they’re unhappy, for money, for better values alignment or promotion. Boomers have the highest rate of quitting because they want to work at a company that shares their values.

Millennials are less likely than boomers to quit because they want more flexibility. They are 9 percent more likely than boomers to quit for more money and are 15 percent more likely than boomers to quit because they are unhappy. They are 8 percent more likely than boomers to quit because they want to work at an organization more aligned with their values and are 16 percent more likely than boomers to quit because they are relocating.

Millennials are 19 percent more likely than boomers to quit because they want a promotion.
And let’s not forget Gen Xers! They are 21 percent more likely than boomers to quit for a promotion.

When choosing a new organization, millennials are 15 percent more likely than boomers to select their new workplace because it offered them an opportunity to do more meaningful work. Compared to boomers, millennials are 16 percent more likely to choose their new organization because it allows them to take on more responsibilities and they are 10 percent more likely than boomers to choose their new organization because it offers more money.