Thinking about quitting your job? You’re not alone.
A record 4.5 million Americans quit their jobs in November 2021 -- and the trend is expected to continue this year.
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Data shows that 23%, or one in four workers, plan to quit their jobs in 2022. According to a poll from ResumeBuilder.com, about 9% of people who quit had already secured new positions in December.
But before you take the leap, there are some things you should consider first.
If you’re unhappy in your position, you may want to try reassessing your duties to make them work for you. Expanding your responsibilities within the company can offer the growth that you’re looking for without leaving your workplace.
“As an employer, you’re trying to constantly make sure that people are in the right position,” said E.B. Fisher, CEO of Eden Software & Solutions.
Something else to consider: If you’re currently learning new skills at your job, stay put until you know them. After that, create a mission statement for yourself and decide what you want out of your next job -- and don’t settle.
It may help to build a team that will help you through the process.
Experts say that if you do plan to quit your job, don’t leave with a bang. Rage-quitting burns bridges in your field, and could hurt your chances of landing your next job. People are advised not to tell their co-workers that they are quitting, as word will travel fast.
Those who intend to quit should quit their jobs in person, and directly to their supervisor. If you can help it, don’t insist on just giving two week’s notice -- try to be flexible with your transition. But also know that your boss may let you go sooner than expected.
“The psychology of it is, once you give your resignation, you’re checking out,” Fisher said.
When you leave your job, try not to slack off in your last days there. Make the exit interview count and try to leave on a good note, because “you never know when you’re going to run across people again,” Fisher said.
Before you leave, be sure to ask for a reference letter, find out when you’ll receive your last paycheck and find out if there will be a gap in your benefits.
If you want to stay in your position, here are some tips for landing a promotion:
A record 4.5 million Americans quit their jobs in November
The AP reports: A record 4.5 million American workers quit their jobs in November 2021, a sign of confidence and more evidence that the U.S. job market is bouncing back strongly from last year’s coronavirus recession.
The Labor Department also reported Tuesday that employers posted 10.6 million job openings in November, down from 11.1 million in October but still high by historical standards.
Employers hired 6.7 million people in November, up from 6.5 million in October, the Labor Department reported in its monthly Jobs Openings and Labor Turnover Survey.
Nick Bunker, research director at the Indeed Hiring Lab, noted that quits were high in the low-wage hotel and restaurant industries. “Lots of quits means stronger worker bargaining power, which will likely feed into strong wage gains,’’ he said. “Wage growth was very strong in 2021, and ... we might see more of the same in 2022.’’
Still, the Labor Department collected the numbers before COVID-19′s omicron variant had spread widely in the United States. “While each successive wave of the pandemic caused less economic damage, there is still a risk to the labor market from the current surge of cases,’’ Bunker said.
The job market is rebounding from 2020’s brief but intense coronavirus recession. When COVID hit, governments ordered lockdowns, consumers stayed home and many businesses closed or cut hours. Employers slashed more than 22 million jobs in March and April 2020, and the unemployment rate rocketed to 14.8%.
But massive government spending — and eventually the rollout of vaccines — brought the economy back. Employers have added 18.5 million jobs since April 2020, still leaving the U.S. still 3.9 million jobs short of what it had before the pandemic. The December jobs report was expected to show that the economy generated almost 393,000 more jobs that month.
The unemployment rate has fallen to 4.2% as of January, close to what economists consider full employment.
Related reading: Fed’s Powell: High inflation poses a threat to job market