When will The Great Resignation end? How associations can prepare for the future.
In spring of 2021, the working world changed as The Great Resignation began in the wake of the COVID-19 pandemic.
But more recently, other important questions have been popping up. When will The Great Resignation end? What are the long-term effects? Will the future of work change permanently?
We don’t claim to have a crystal ball, of course, but have looked into these questions closely. Here’s what some of the experts are saying about the length and potential long-term effects of The Great Resignation, as well as some actionable ideas for how associations like yours can prepare for the future.
A quick look at the data
First, let’s have a brief review of the data behind The Great Resignation.
Madgex recently conducted an extensive survey of more than 2,500 professionals from a wide array of industries to gauge their views on their career progression, goals, and the job market, compiling research in a detailed eBook that takes an in-depth look at The Great Resignation.
Our survey revealed that over 42% of professionals were considering leaving their current job within the next 12 months, while 27% said they were considering changing careers entirely in that same timeframe.
When asked why they’re considering leaving their current role, 29% cited financial reasons, while next up were career progression (22%) and workplace burnout (21%).
When also asked what the top priorities are for a new role, the professionals surveyed said a higher salary is their primary factor, followed by improved work-life balance and increased benefits.
Overall, this data indicates that many professionals have opted to join The Great Resignation for a variety of reasons — but how long can this trend continue?
When will The Great Resignation end?
So, what exactly is the future of The Great Resignation? Let’s take a look at what the data and experts have to say.
At least one prominent global survey has indicated that The Great Resignation is set to continue into the near future. The Global Workforce Hopes and Fears Survey 2022, launched by PwC at the World Economic Forum in Davos, Switzerland, in May, surveyed over 52,000 workers from 44 countries around the world and revealed that 1 in 5 workers are extremely or very likely to switch jobs within the next 12 months.
In addition, 35% of respondents planned to ask for a raise within the next 12 months, while 71% said that a pay increase would prompt them to switch jobs. However, 69% also said they would switch employers for better job fulfillment.
Joblist’s US Job Market Report: 2022 Trends, released in January, found that an even higher percentage of workers are planning to switch jobs this year, with 74% of full-time workers indicating they plan to leave their current position sometime in 2022. Workers’ desire for greater compensation, again, played a key role in prompting them to look for new jobs, with 79% believing they could make more money in a new role.
Some experts see The Great Resignation as a generational shift in terms of workers’ priorities that will have an impact for years to come, even when the exodus of employees finally slows down. Sometimes called The Great Reshuffle, this phenomenon is upending the labor market alongside the broader Great Resignation, too.
Robert Kelley, a professor of management at Carnegie Mellon University’s Tepper School of Business, told Forbes that “The COVID pandemic is producing a once in several generations seismic shift in the work world — from what work do we focus on, to who does that work, to where is the work performed, to how much life purpose do workers derive from their work.
"I prefer to see The Great Resignation as the first shockwave of what I call ‘The Big Sort’ that will have trailing aftershocks. All echelons — from CEOs to front-line workers — are sorting out their relationship with work and how work fits into their overall life-work balance, as well as how much they want to get paid for their work.
“Absent any other severe global disruption, I expect The Great Resignation to slow down as employees and customers return to business establishments, which will probably coincide with COVID becoming endemic.
“So, The Big Sort’s aftershocks will continue for a couple years or more till we return to a more stable employment environment.”
Kelley’s views of the long-term impact of The Great Resignation were echoed by Melissa Dexter, chief people officer at employee mental health and assistance platform Uprise Health.
“The Great Resignation is going to last forever, as it’s a philosophical change in the perception of work as we have known it in our lifetime.
“It’s not just a period of time. The way in which we work and how people perceive work has changed — there is no going back. Because of the pandemic, employees today are more aware than ever of their mental health needs, and employers now know they need to provide support and time away in order to keep employees happy and healthy,” said Dexter.
Perhaps no one understands the long-term effects of The Great Resignation better than the expert who coined the term. Organizational psychologist Anthony Klotz correctly predicted that the COVID-19 pandemic would usher in a wave of employee resignations in May 2021. Since then, millions of professionals across all sectors have left their jobs.
Klotz believes that the pandemic greatly accelerated the pace of changes under way in the labor market, as workers’ priorities have increasingly shifted to their own mental health, well-being, and work-life balance.
“The pandemic brought the future of work into the present of work,” said Klotz.
According to Klotz, the widespread adoption of remote work and increased workplace flexibility is also permanent.
“We are not going back to the world of work in 2019.
“Because these work arrangements give us more flexibility and control over our lives, and more autonomy and freedom in how we structure our lives, I don’t think most people are willing to go back to a traditional work environment.
“The new changes are here to stay,” he said.
Although many experts believe The Great Resignation will continue for the long term and at a minimum have long-lasting implications, like remote and hybrid work models becoming the norm, some have sounded a more cautious note. A possible recession, likely sparked by inflation, declining consumer spending, and growing instability in the stock market, could bring a swifter end to The Great Resignation than most experts have currently predicted.
Evelyn McMullen, research manager at tech research firm Nucleus Research, thinks that persistent inflation will eventually put workers at a disadvantage in the job market.
“If inflation continues, we’re looking at a market contraction that could weaken jobseekers’ advantage, because the higher cost of living will definitely contribute to them having to take a job faster than they otherwise would have,” she said.
Others believe that a more predictable economic environment in the future will ultimately bring an end to The Great Resignation. Tami Simon, senior vice president of global corporate consulting for HR consulting firm Segal, thinks that greater economic stability will actually cause The Great Resignation to ebb over time.
“The question is, is this a moment, a movement, or a bit of a mirage? Is it just the labor market correcting itself? Once there’s a little bit more consistency in terms of the economic stability and stability in the social and political upheaval we’ve been seeing, the labor market will go back to having more of a regular cadence,” she said.
The truth is that no one knows exactly when and how The Great Resignation will end, or what its long-term impact on the labor market will be. However, associations like yours can and should prepare for the future of The Great Resignation — whatever that looks like.
How can associations prepare for the future of the Great Resignation?
So, what can associations like yours do to adapt to the future of The Great Resignation? Here are a few actionable ideas to consider.
Upgrade to a full-service career center
Transforming your career center to turn it into a key resource for professionals in your industry should be your first step in preparing for the future of The Great Resignation.
With an upgraded, full-service career center, your association can provide value for both your current members and prospective members in your industry, including relevant job postings, engaging and useful content, certification courses, skill assessments, and more, attracting new members and playing a crucial role in retaining current ones. This in turn leads to increased non-dues revenue for your association, giving you a hedge against economic uncertainty.
For example, you could publish a series of blog posts with actionable tips for upskilling and reskilling, or an eBook about resume and interview strategies.
By turning your association into a leading destination for your members and relevant industry professionals during a period of increased job-changing and uncertainty in the labor market, you can engage and grow your membership, both in the short term and for years to come.
Better understand your members
One of the best ways to prepare for the future of The Great Resignation is to better understand the people impacted by it the most: your membership.
This can be done in several ways. Closely examining the data from your career center to gauge the types of content, job postings, and other features your members are engaging with is a great way to glean insights into your audience.
Surveying your members — particularly younger members, who are at the forefront of The Great Resignation — is another way to better understand their career goals, values, motivations, obstacles, and career progression. By leveraging this data, you can craft content, host events, and bring value to your members in a way that addresses their pain points, offering value and ultimately boosting membership satisfaction, engagement, and retention.
Pay close attention to industry and economic news
Monitor the news closely, with a particular focus on employment trends and the health of the economy. This information will be crucial in determining not only if and when The Great Resignation will end, but its long-term effects and impact on the labor market too.
Partner with key employers in your industry
Another way to prepare for the future of The Great Resignation is to partner with the top employers in your industry and collaborate on conferences, webinars, career fairs, and other events for your members.
This can be an effective way to boost member engagement and retention as well as non-dues revenue, and to gather information about economic trends, the state of the job market, and the goals, pain points, and career prospects of professionals in your industry.
Focus on reskilling and upskilling
Finally, it’s crucial that your association invests in the upskilling and reskilling tools your members need to compete in the job market and advance their careers.
With professionals changing jobs more frequently and the outlook for the labor market unclear in the months ahead, ensure that your members have access to the online courses and credentialing services they need to progress their careers. Doing so can be a great way not only to prepare your members for the future job market, but also to attract young professionals in the process.
This is another area where coordination with key employers in your industry can be useful, especially when it comes to designing your courses around specific, in-demand skillsets. Also be sure to promote your courses to your members through social media, email newsletters, and blog posts to build awareness for them.
Prepare for the future today
No one can predict the future — but you can prepare for it.
The best way to do that is with a full-service career center to boost non-dues revenue, increase membership engagement, and offer more value for your members. Contact Madgex today to see how our market-leading technology and expertise can do just that so your association isn’t caught off guard by the uncertain job market and economic climate.
Want to learn more about The Great Resignation too? Download our free eBook to discover useful insights from our extensive survey of more than 2,500 professionals and actionable strategies to help your association adapt to better serve your membership.