Why are more and more senior and tenured professionals quitting their jobs?

You would think that a probable recession and a rise in prices for domestic commodities would make it hard for someone to quit their job. But American workers, even seniors, are increasingly leaving their jobs in 2022. The beginning of the pandemic witnessed younger workers that were less tenured and working in low-paying industries such as food service, retail, and health care quitting their jobs. However, according to the latest analytics, the country’s primary growth in quit rates comes from older, more senior workers in higher-paid industries like IT and finance.

In this Pacific Prime Dubai article, let’s take a closer look at the Great Resignation 2022 and learn how industry leaders can retain their staff.

Less stress and more flexibility

Most senior workers are quitting their jobs and hoping to find a new one with less tangible benefits, such as meaning and flexibility. Moreover, they also have more options to choose from as economies and businesses worldwide are gaining strength post-pandemic, and many companies are hiring again. With many new jobs offering attractive employee benefits, workers have so many options to choose from, and they are less likely to stick to a job they don’t like.

Columbia Business School professor Adam Galinsky calls this new trend of the Great Resignation the “great midlife crisis.”

“At the midpoint of life, we become aware of our own mortality, and it allows us to reflect on what really matters to us,” said Galinsky. The pandemic has amplified that effect. “A global pandemic obviously makes people reflect on their own mortality in terms of being afraid of dying themselves or having a loved one or family and colleagues pass away.”

Remote working vs. working from the office

After two years of successful remote work or working from home, many workers are reluctant to return to the office. And if an offer requires them to work remotely, they are ready to jump the ship without any hesitation. According to Slack’s survey, over 10,000 senior workers had the highest level of work-related stress and anxiety since the survey began in 2020 when they found that they had to return to work five days a week.

What should business leaders do to retain staff?

For business leaders worldwide, the Great Resignation is becoming a growing concern. To lose senior and experienced employees in most cases translates into losing business. So, if you are a business leader or an employer, here are a few things you could do to retain staff.

Listen to your employees’ needs

Employees are telling you what they want all the time. So, pay close attention to what they say. It could be simple, like “today was extra hard to get ready for work” or “I miss working from home”. These statements might sound casual but could also mean that your employees are finding it hard to stay motivated.

One thing that the workers treasure post-pandemic, it’s flexibility. The flexibility of where and when they work, taking time off, launching a start-up, or working for a non-profit.

So, adopt a listening mindset and meet your employees halfway. You could introduce a hybrid schedule, where employees come to the office for two or three days per week and work from home for the rest. According to the Condeco Software survey:

• 24% of workers working from home want to switch to a hybrid working model.
• 85% of hybrid workers want to continue with the current model for the foreseeable future.
• 44% of people who have to work from the office wish to move to a hybrid working model.

The end of bad jobs

What happens when the rate of unemployment is high? People settle for any job, even jobs with undesirable working conditions. Right now, talent is in demand, and workers have a choice. As an employer or a business leader, you need to make a quality offer to retain your employees, or else the chance of you losing them to another company is very high.

Keep an eye out for competition

When your employees start to wonder why their company is not offering what the rest are, they seek new opportunities. Hence, keep a close eye on your competitors and see if you can match or do one better.

Get in touch with Pacific Prime to learn more about employee benefits

A comprehensive employee benefits plan can help you retain staff and achieve your goals for your business. Whether it’s to increase morale, reduce stress, boost motivation or provide assistance with your employees’ medical needs, Pacific Prime Dubai will be able to find the perfect health insurance plans for your employees. Our insurance experts can help you create employee benefits solutions that benefit both your employees and business.

Contact Pacific Prime Dubai for free, unbiased advice today!