As major events like concerts, Broadway shows and football games are gearing up post-Covid shutdown, there’s one area that isn’t seeing the same enthusiasm. According to a recent study released by management consulting firm McKinsey & Co, many workers are reevaluating their return to the workplace.
The report found that 40% of the more than 5,770 employees surveyed said they were “at least somewhat likely” to quit in the next three to six months. According to the report’s coauthor Bill Schaninger, more than half of employees who already left their jobs said they did so because they didn’t feel valued by their bosses or organizations, or because they didn’t feel “a sense of belonging at work.”
“Most employers believe this is an economic issue largely around compensation,” Schaninger said. “The data most certainly does not support that.”
In what many are calling the “great resignation,” we’re continuing to witness a rise in people quitting their jobs to pursue new career opportunities that better suit their lives. In early 2021, several major employers rolled out new incentives in an effort to combat this trend.
Restaurant chain Chipotle began offering free college tuition to employees who worked at least 15 hours per week and more than four months on the job. Retail giant Amazon increased pay for more than 500,000 workers, and wholesaler Costco raised its minimum wage to $16 per hour in an attempt to boost worker retention.
Despite these financial incentives, many people are continuing to leave their careers in droves. According to the new McKinsey & Co survey, 40% of respondents in the U.S. who quit their jobs in the last six months left without having a new job. That means these workers didn’t necessarily leave because they got a better offer somewhere else. Instead, it’s a sign that employers don’t understand how hard the pandemic has been for their employees, the report said.
“The good news for every company: they actually have a choice here,” Schaninger said. “There’s something here around the ties that bind humans together…. When you make it all about the check, none of that stuff is there.”
Experienced Employment Law Attorney, Mediator, Arbitrator, Investigator, Legal and Media Commentator
Twice-named a U.S. News Best Lawyer in America for employment and labor law, Angela Reddock-Wright is an employment and labor law attorney, mediator, arbitrator, and certified workplace and Title IX investigator (AWI-CH) in Los Angeles, CA. Known as the “Workplace Guru,” Angela is an influencer and leading authority on employment, workplace/HR, Title IX, hazing, and bullying issues.
Angela is a regular legal and media commentator and analyst and has appeared on such media outlets as Good Morning America, Entertainment Tonight, Law and Crime with Brian Ross, Court TV, CNN, NewsNation, ABC News, CBS News, Fox 11 News, KTLA-5, the Black News Channel, Fox Soul – The Black Report, NPR, KPCC, Airtalk-89.3, KJLH Front Page with Dominique DiPrima, the New York Times, the Washington Post, the LA Times, Forbes.com, Yahoo! Entertainment, People Magazine, Essence Magazine, the Los Angeles Sentinel, LA Focus, Daily Journal, Our Weekly and the Wave Newspapers.
Angela is a member of the panel of distinguished mediators and arbitrators with Judicate West, a California dispute resolution company. She also owns her own dispute resolution law firm, the Reddock Law Group of Los Angeles, specializing in the mediation, arbitration, and investigation of employment discrimination, harassment, retaliation, and other workplace claims, along with Title IX, sexual harassment, assault, and misconduct conduct cases, along with hazing and bullying cases in K-12 schools, colleges and universities, fraternities and sororities; fire, police and other public safety agencies and departments; and other private and public sector workplaces.
For more information regarding resources for employers, businesses, and employees during this time, connect with her on LinkedIn for new updates, or contact her here. You may also follow her on Instagram.
This communication is not legal advice. It is educational only. For legal advice, consult with an experienced employment law attorney in your state or city.