Last year in May, a new term was introduced to the world called “The Great resignation”, where employees and even managers were mass resigning to cope with burnout and in search of better opportunities simply because companies were hiring excessively to cover the staff shortages happened due to the pandemic.
But this year, the game has turned upside down where most employees who aimlessly left their job regret taking the step.
Employees Regret Quitting Jobs During Great Resignation
A new study by Joblist highlights that one in every four people who quit their previous job (26%) regret their decision now. Notably, 42% of those who successfully found a new job after quitting are unsatisfied with their new employers.
Increasing inflation, gas prices, and recession news surely increase tensions and make employees worry about their future. Salaries and job security isn’t the only factor, but mental health and guilt of leaving a better job make great regret, Greater!
The same Joblist report highlights a few of the main reasons behind great employee regret:
- The ongoing talent war has seeded overconfidence among employees. Around 40% of people quit their jobs without having a new job lined up because companies were hiring tremendously, and employees were confident they would easily get a new opportunity. However, that never happened for many!
- 17% agreed that the grass wasn’t greener on the other side, and the new job they thought would come with better work culture and opportunities never matched their expectations. The decision makes them regret it now as they miss their previous organizations.
- 16% said their old job was better than they realized.
- 9% hated the bad culture and management at the new job.
- 3% think that considering all other facts, the higher pay at the new job was never worth it.
- Making new friends and meeting new colleagues are always a bit challenging and time taking. Perhaps, that’s why 22% expressed missing older colleagues at their previous company.
The study from Joblist is not one of the cases highlighting the depressing and discouraging state of those who jumped off the ship recently. According to a Harris Poll survey for USA TODAY, one in five workers who quit during the past two years regret their decision now.
Most of the reports published on the Great Regret focus on a core reason: employees who joined the Great Resignation rush left their jobs without having another one lined up and failed to find another job with similar or better opportunities.
Does it indicate that the ongoing talent war may be over soon? quite unlikely!
The number of jobs is growing, reported Business Insider. Employees are flooded with multiple job opportunities and companies are bending over backward for employees to keep the attrition rate low.
But this leads us to another question: Why are employees still struggling to land a better opportunity?
It’s not simple as it looks!
The Great Regret is for employers too
Some smartest companies, including Facebook, Amazon, Walmart, and TikTok, realised they were overstaffed in coping with post-pandemic stress. TikTok, JP Morgan, and Redfin have already announced layoffs.
“In Walmart’s May earnings call, CEO Doug McMillon said the company’s “weeks of overstaffing” cut into profit. The company hired an influx of new employees in 2021 to cover COVID-19 staff shortages.”
The economy had just started recovering from the post-pandemic stress; While the war between Russia and Ukraine is far from over anytime soon, China threatened to start a war with Taiwan, and the world economy feared a global recession.
Amongst all these negative news, the problem of overstaffing and spending extra fear companies and wanes investor confidence.
Despite increasing numbers of jobs on the lists, the situation on the ground remains the same. The Great resignation has shuffled the employees in companies and became a mess for both employees and employers.
The bottom line
Amid fears of recession, most employees are stuck with the jobs they hate. Most people who thought a new organisation would bring better opportunities and give wings to their career are proven wrong; many even failed to land a new opportunity.
Earlier employers suffered from the great resignation where headlines of mass resignation were getting viral. Now it has become a problem for both. Employees are unhappy with the opportunities provided in the new environment, while employers face issues of overstaffing, fears of recession, and decreasing investor confidence.
The situation will appear to be the same for a long time, which can be a new normal for job seekers and providers. The stress has continuously increased, but the great regret isn’t the license to be a cheap stake or arrogant boss.
The situation again highlights the lesson that following the masses is not always a good idea. In the future, we must take extreme care in hiring or resining.