6 Things People Need To Do To Plan For A Job Change

Today, companies are having to sit down and really see what's important to their employees. Factors like work-from-home flexibility, student loan forgiveness, and other benefits are being evaluated to determine what's best for the employee population. Many people are quitting because they feel their employer is not listening to them or they are underappreciated. Some find themselves under-compensated and when they raise their hand, no one's listening. However, employers are starting to listen as it's becoming more difficult to attract quality employees.

Welcome to Intentional Money Matters

Hey everyone! Welcome back to another episode of Intentional Money Matters with Harry Stout and Caleb Williams. This is the BetterWealth podcast. In today's episode, we're talking about the Great Resignation. This phenomenon has led to many job opportunities and people being intentional with their time and finances. There's a lot to discuss here, so let's dive into the current landscape of this great shift in our country.

The Numbers Behind the Great Resignation

Here are some statistics that highlight the significant changes in the workforce:

• The U.S. has approximately 163 million workers.
• There are currently 11 million open jobs in the country.
• Over the last several months, more than 4 million people have resigned from their jobs each month. This translates to 48 million annually, or over 30% of the workforce.
• As a result of the pandemic, 3 million people have retired early.

This massive change is often referred to as the "Great Resignation," but it could also be called the "Great Renegotiation" or "Great Reset."

Reasons Behind the Shift

The research shows that people are moving jobs to improve their economic situation. Some of the reasons include:

• Desire for better compensation.
• Impact of inflation on the cost of living, housing, and cars.
• Frustration due to the pandemic's ups and downs.
• Record levels of new businesses as people opt for entrepreneurship.
• The appeal of working from home for increased life balance and flexibility.

Opportunities for Employees and Employers

Companies are now implementing flexible benefits and profit-sharing plans to retain employees. Here are some strategies that businesses are adopting:

1. Offering unlimited vacation times, fostering an entrepreneurial culture within organizations.
2. Introducing profit-share like plans to provide employees with an ownership stake.
3. Shifting compensation strategies to value-based pay.

The Shift in Power Dynamics

With plenty of job opportunities, the balance of power is shifting from companies to employees. Employees now have more say, making it important for businesses to adapt and listen to their workforce's needs and preferences.

Advice for Those Considering a Job Change

For individuals planning a job change, consider the following:

• Ensure you have the necessary cash reserves before making a move.
• Evaluate what you really want in a new position.
• Research potential employers and their culture.
• Understand the larger economic trends in the job market.

The Great Resignation presents significant opportunities and challenges, both for employees seeking better situations and employers striving to retain talent. By understanding these dynamics, everyone involved can make intentional, informed decisions.