Spurred by the COVID-19 pandemic and subsequent stimulus checks, an unprecedented number of workers quit their jobs during 2021 and 2022. Though the labor market stabilized over the past two years, some speculate we may be entering a period of a second “great resignation.”
In July, ResumeBuilder.com surveyed 1,000 full-time workers to find out how many are planning to quit their jobs in 2024.
Key findings:
- 28% of workers are likely to quit their jobs in 2024
- Gen Zers and young millennials are more likely to quit
- Higher salary tops list of priorities
- One-third of workers dissatisfied with work modality
- Service industry has highest percentage of workers planning to quit
Nearly One-Third of Workers Will Quit in 2024
Among the 1,000 full-time workers surveyed, a total of 28% say they are ‘somewhat’ (21%) or ‘highly likely’ (7%) to quit their jobs this year. Interestingly, an equal percentage of respondents (28%) report quitting one or more jobs during the original Great Resignation of 2021 and 2022.
When looking at differences among age groups, a higher percentage of Gen Zers and young millennials say they are likely to quit versus respondents in older age groups. Of 18 to 24 year-olds, 37% are ‘somewhat’ or ‘highly likely’ to quit their jobs this year, as are 35% of 25 to34 year-olds.
”Younger workers tend to switch jobs at a higher rate because they are trying to determine what type of function, industry, and environment would work best for them,” explains Julia Toothacre, resume and career strategist at Resume Builder. “Along with that, you can increase your salary quicker when you change jobs every few years, and those early career years are the best time to do that.”
Half of Quitters Cite Low Pay
When asked why they are likely to quit their jobs this year, the most common reasons respondents selected included low pay (56%), desire for better benefits (44%), and overly-stressful work (43%).
”There are so many factors that go into pay structure – function, industry, location and company size,“ says Toothacre. “Better pay is available, but you might need to compromise on something to get it.
“Right now, employers have the most power when it comes to pay. The layoffs we’ve seen, primarily in the tech industry, have flooded the market with certain functions, and depending on the organization, they’re being inundated with candidates.”
1 in 10 Will Quit Without Having Another Job Lined Up
Among respondents likely to quit their jobs this year, one in 10 appear to be frustrated enough with their current job that they will quit regardless of having their next job in place.
However, the majority seem to want to avoid this potentially risky situation, as 66% of those planning to quit say they are currently applying for new jobs while 32% plan to begin their search soon. When asked about their top priorities for their new job, higher salary again tops the list.
1 in 3 Want a Different Work Modality
Of all workers surveyed, 35% say they would prefer a different work modality than what they currently have. The largest gap between current and preferred modality comes from fully in-person workers, 40% of whom say they would prefer hybrid (25%) or fully remote (15%) positions.
Additionally, 29% of hybrid workers would prefer fully remote (24%) or fully in-person (4%) jobs, and 24% of fully remote workers would prefer hybrid (17%) or fully in-person (6%) jobs.
”Employers will offer remote/hybrid positions and options when it becomes difficult to find candidates,” comments Toothacre. “This is an employer market, which is why you’re seeing so many RTO mandates.
“When the market shifts back to candidates, we’ll see more perks. Companies that aren’t well known or struggle to hire might use flexible schedules, bonuses, or remote work options as a way to entice candidates, but it’s not a widespread tactic currently.”
Service Industry Most Likely To Be Affected
Among industries that had at least 40 respondents, the service/hospitality industry (35%), tech industry (34%), and finance industry (34%) had the highest percentages of respondents who say they are likely to quit their jobs in 2024.
Methodology
This survey was commissioned by ResumeBuilder.com and conducted online by the survey platform Pollfish. It was launched on July 10, 2024. Overall, 1,000 participants completed the survey. To qualify for the survey, all respondents had to be aged 18 and over and currently employed for wages full-time. For all media inquiries, please contact [email protected].
